Singapore Q2 Jobless Rate Confirmed at 2.1%

Singapore’s seasonally adjusted unemployment rate inched higher to 2.1 percent in the second quarter of 2018 from a two-year low of 2 percent in the previous quarter and in line with the preliminary estimate. Layoff increased markedly while more people entered the labor force on the back of continued expansion in domestic economy.
Ministry of Manpower l Rida | 9/13/2018 3:32:12 AM
In the three months to June, the jobless rate edged up for both residents (2.9 percent from 2.8 percent in Q1) and citizens (3.1 percent from 3 percent).

Total employment increased by 6,500, larger than the increase in the preceding quarter (3,700 or 400 excluding foreign domestic workers (FDW)). The growth continued to come from services (7,200), as increases outweighed the slowing declines in manufacturing (-100) and construction (-700). The services industries that contributed most to employment growth were transportation & storage, information & communications, community, social & personal services, and financial & insurance services.

Some 3,030 workers were laid off, higher than the prior quarter of 2,320, largely due to reorganisation and restructuring, but remained lower than the same period a year ago (3,640).

The rate of re-entry among retrenched residents improved to 64 percent after declining in the past two quarters, with broad-based increases across most age and education groups.

The number of job vacancies continued its uptrend since June 2017 to a 3-year high of 56,700 in the June quarter. As the increase in unemployed persons was relatively smaller, the seasonally adjusted ratio of job vacancies to unemployed persons rose markedly to 108 job vacancies per 100 job seekers in June 2018, from 104 in March 2018. 

Singapore Q2 Jobless Rate Confirmed at 2.1%