Singapore Unemployment Rate Revised to 2% in Q3
Singapore’s seasonally adjusted jobless rate increased to 2.0 percent in the third quarter of 2014, unchanged from the previous period, but up from a preliminary estimate of 1.9 percent, as an increase in the rate of re-entry into employment was unable to offset higher layoffs from business restructuring.
In the third quarter of 2014, the jobless rate for residents and citizens remained flat from the previous quarter at 2.8 percent and 2.9 percent, respectively.
Some 3,500 workers were laid off in September quarter, up from 2,410 in the preceding quarter and 2,710 in the same quarter last year. Redundancy rose over the quarter for services and manufacturing, while construction posted a slight decline. Services (58 percent) contributed to the bulk of the layoffs, followed by manufacturing (36 percent) and construction (5.9 percent). The rate of re-entry into employment within six months of redundancy improved for the second consecutive quarter. Out of 55 precent of the residents made redundant in the second quarter of 2014 secured employment by September 2014, up from 53 percent in June 2014.
The long-term unemployment rate improved year-on-year at 0.5 percent from 0.6 percent a year ago. There were 10,800 residents who had been looking for work for at least 25 weeks during July to September of 2014, down from 12,600 a year earlier. The long-term unemployment rate declined over the year for tertiary-educated residents and those with post-secondary qualifications, while it increased for those with secondary or lower qualifications.
Total employment grew by 33,400 in the third quarter of 2014, up from the increase of 27,700 in the preceding quarter and largely unchanged from the 33,100 in the third quarter of 2013. This brought total employment to 3,583,200 in September of 2014, which was 3.8 percent higher than a year ago. This year-on-year rate of growth in total employment remained unchanged from a quarter ago.
Most of the employment gains in the third quarter of 2014 were in services (29,400), especially in community, social & personal services (6,500), wholesale & retail trade (5,000), professional services (4,500) and financial & insurance services (3,800). Employment in construction and manufacturing rose by 3,700 and 500 respectively.
Compared to the same quarter last year, the unemployment rate at that time registered at 1.8 percent.
12/15/2014 11:16:31 AM