Singapore Jobless Rate Highest In Over 7 Years


Singapore’s seasonally adjusted unemployment rate edged up to 2.3 percent in the first quarter of 2017 from 2.2 percent in the fourth quarter 2016, preliminary estimates showed. It was the highest jobless rate since the December quarter 2009.

In the three months to March, the jobless rate was unchanged compared to the prior quarter for residents (3.2 percent) and citizens (3.5 percent). 

Some 4,800 workers were laid off, lower than the fourth quarter (5,440), but similar to a year ago (4,710). Redundancies declined in manufacturing, but continued to increase in construction and services. 

Total employment fell 8,500, compared to the seasonal high in the prior quarter (2,300). It was the biggest quarterly contraction in nearly 14 years. The decline occurred in manufacturing (-4,400) and construction (-12,900), mainly due to a decrease in Work Permit Holders. At the same time, services employment continued to grow (8,700), though growth was slower than the first quarter of 2016 (13,200). 

Ministry of Manpower l Rida Husna | rida@tradingeconomics.com
4/28/2017 4:56:09 AM