Singapore Jobless Rate Highest in Over 2 Years

Singapore’s seasonally adjusted jobless rate stood at 2.1 percent in the second quarter of 2016, up from 1.9 percent in the previous quarter and above market expectations, preliminary estimates showed. It was the highest jobless rate since the March quarter 2014.

In the June quarter, the jobless rate for residents were up to 3.0 percent from 2.7 percent in the March quarter and the rate for citizens also increased to 3.1 percent from 2.6 percent. 

Some 5,500 workers were made redundant in the June quarter of 2016, up from 4,710 in the preceding quarter and higher than 3,250 a year ago. It was the highest quarterly figure since the second quarter 2009. Over the quarter, layoffs in manufacturing fell (1,600 from 1,790), while it increased in services (3,400 from 2,530) and was relatively unchanged for construction (400 from 390).

Total employment is estimated to have increased by 5,500 in the three months to June 2016. Amid subdued global economic conditions, the pace of growth was slower than in the first quarter of 2016 (13,000) and in the second quarter of 2015 (9,700). There was a broad-based slowdown in employment growth across the three sectors. Services grew by 8,600, slower than in the previous quarter (13,200). Employment in manufacturing continued to trend down (-3,400). Construction employment remained relatively unchanged (400) in second quarter 2016, after the 1,900 increase in the preceding quarter.

Singapore Jobless Rate Highest in Over 2 Years

Ministry of Manpowerl Rida Husna |
7/28/2016 4:17:46 AM