Singapore jobless rate holds steady at 2.2% in June, retrenchments dip to 3,640

SINGAPORE’S overall unemployment rate held steady at 2.2 per cent in the second quarter, according to latest figures from the Ministry of Manpower (MOM). Quarter on quarter, the seasonally adjusted unemployment rate declined for residents from 3.2 per cent in March 2017 to 3.1 per cent in June 2017, and for citizens from 3.5 per cent to 3.3 per cent.

Total employment declined by 7,900 excluding foreign domestic workers, said the Labour Market Second Quarter 2017 report. This was less than the 8,400 originally estimated in the Labour Market Advance Release. The decline, due to sustained declines in Work Permit holders in construction and manufacturing, was lower than the decline of 9,400 in the first quarter.

Some 3,640 workers were retrenched in the second quarter, slightly higher than 3,500 cited in preliminary estimates. This was lower than 4,000 workers retrenched in the first quarter, and 4,800 workers retrenched a year ago. Three in four retrenched were professionals, managers, executives and technicians (PMETs).

As a result of higher vacancies and a lower number of job seekers, the seasonally adjusted job vacancies to unemployed ratio improved for the second consecutive quarter to 85 job vacancies for every 100 employed in June 2017.