News: Unemployment rate in Singapore inched up slightly in the third quarter

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Unemployment rate in Singapore inched up slightly in the third quarter

Unemployment rate in Singapore inches up to 2.3%, even as total employment grows in Q3, according to data released by Ministry of Manpower, Singapore.
Unemployment rate in Singapore inched up slightly in the third quarter

The overall unemployment rate in Singapore moved up slightly in the third quarter of 2019, even as total employment growth more than tripled from the previous quarter, according to a Manpower Ministry (MOM) report.

One of the reasons could be that employers are hiring more cautiously, as the number of job vacancies recoiled, the report added.

The report added that the total employment, excluding foreign domestic workers, grew by a revised 21,700 between July and September this year which is over three times the 6,200 jobs growth between April and June this year and the 16,700 in the same period last year. Also, the final labor figures for the third quarter showed. The advance estimate was for 22,400.

But the unemployment rate, as well as the long-term unemployment rate for residents, inched up, according to the report.

The majority of total employment growth came from the services sector, led by modern services, community, social & personal services, as well as administrative & support services, finds MOM. 

Speaking on Monday ahead of the release, Manpower Minister Josephine Teo is reported to have said that the growth in employment suggests that "there is still some resilience in the labor market”. 

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Topics: Others, #Trends

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