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Financial News: Singapore Unemployment Rate Unchanged In Q1

Singapore Unemployment Rate Unchanged In Q1

04/26/2019 - 05:02:00 (RTTNews)

(RTTNews) - Singapore's unemployment rate was unchanged in the first quarter of this year, after rising in the previous three months, data from the Ministry of Manpower showed on Friday.

The overall jobless rate was 2.2 percent in the first quarter, same as in the previous three months.

The unemployment rate for residents was also steady at 3 percent.

Meanwhile, the citizen unemployment rate edged up to 3.2 percent from 3.1 percent in the December quarter.

Total employment growth slowed to 12,000 from 14,700 in the fourth quarter. In the year-ago period, jobs increased just 400.

Employment growth was driven mainly by services sectors. Jobs grew in construction, after eleven consecutive quarters of decline. But, manufacturing continued to trim staff.

The number of retrenchments were broadly similar to the previous quarter, at 2,500. Retrenchments decreased in services, while increased in manufacturing, and remained unchanged in construction.

"Preliminary indicators suggest that the labor market is holding up, even though there are signs that the economy is facing headwinds in 2019," the ministry said.

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