Singapore Q1 Jobless Rate Stays at 1-1/2-Year High

Singapore’s seasonally adjusted unemployment rate stood at 2.2 percent in the March quarter 2019, unchanged from the previous period, a preliminary estimate showed. It remained the highest jobless rate since the second quarter 2017, amid signs of external economic headwinds and uncertainties this year.

In the first quarter, the jobless rate was steady for residents (at 3.0 percent), while inched higher for citizens (3.2 percent vs 3.1 percent in Q4).

Total employment (excluding Foreign Domestic Workers/FDW) increased by 12,000, lower than the prior quarter (14,700) because of seasonal factors, but significantly higher than the first quarter 2018 (400). Employment growth mainly seen in services sectors such as community, social & personal services, administrative & support services, professional services, financial services, and transportation & storage. At the same time, amid improvement in private sector building activities, construction registered its first increase in employment, though only slight, after eleven straight quarters of decline. Meanwhile, employment in manufacturing continued to shed workers.

Some 2,500 workers were laid off, similar to the prior quarter (2,510), but slightly above the multi-quarter low in 1Q 2018 (2,320). Trends were mixed across industries. Retrenchments  remained unchanged over the quarter in construction, while  increased in manufacturing and declined in services. 

Singapore Q1 Jobless Rate Stays at 1-1/2-Year High

Ministry of Manpower l Rida Husna |
4/26/2019 3:31:55 AM