» Asia’s taut job market triggers price concern

Asia’s taut job market triggers price concern

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Asia’s taut job market triggers price concern

It’s a good time to be job hunting in Asia.

The number of new jobs created in Singapore is at its highest since 1997, Taiwan’s unemployment rate is at a five-year low, Thailand’s is near record lows and wages in Hong Kong are rising.

But that also means inflation-wary central banks have to be even more on their guard as a tight labor market approaches the point where price pressures can build, economists say.

Most Asian economies have been growing by more than expected, pushing unemployment rates down and wage pressures up.

Even in Japan, which until recently was caught in a deflationary spiral, the biggest firms have agreed to their first annual wage rises in five years.

“It could be that an excess supply of cheap labor in China and Indonesia has helped to keep a lid on inflation for the region overall,” said Rob Subbaraman, regional economist at Lehman Brothers in Tokyo.

More: today.reuters.com

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