Singapore: Jobless rate, layoffs rise amid sluggish economy

Singapore: Jobless rate, layoffs rise amid sluggish economy

Friday, 29 July 2016 – The labour market is showing increasing signs of strain, as unemployment climbed in the second quarter of the year and layoffs hit a seven-year high.

Economists interviewed expect this situation to persist for the rest of the year as Singapore’s economic growth is driven largely by external demand, which remains slow.

The unemployment rate for Singaporeans and permanent residents was 3 per cent last month, up from 2.7 per cent in March. This was the highest since end-2010. In all, an estimated 68,300 residents, 60,300 of them citizens, were out of work last month.

Among Singaporeans, this seasonally adjusted jobless rate rose to 3.1 per cent last month, from 2.6 per cent in March, according to preliminary figures from the Ministry of Manpower released yesterday. Read More?