Singapore’s unemployment rate rose to 2.9 per cent in June
Singapore’s job market reported higher unemployment in the second quarter as more people entered the labour force in line with a rise in economic activities, according to figures released by the Ministry of Manpower (MOM) on Thursday (13 September).
The seasonally adjusted unemployment rate among residents rose to 2.9 per cent in June from 2.8 per cent in March after a general downtrend since June 2017. The long-term unemployment rate edged up 0.8 per cent from 0.7 per cent over the period.
Total employment excluding foreign domestic workers grew by 6,900 in the first half of this year, rebounding from a decline of 17,300 in the same period last year. Local employment growth jumped to 6,500 from 4,000 while foreign employment grew by 400, rebounding from a decline of 21,400 over the period.
Retrenchments fell to 5,350 in the first half from 7,640 in the same period last year, as industries continued to undergo restructuring and reorganisation.
Job vacancies rose to a three-year high of 56,700 in June.
In line with a projected economic growth forecast of 2.5 to 3.5 per cent in 2018, MOM expects labour growth to pick up in the second half of the year.
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