Singapore’s unemployment increased more-than-expected in the second quarter amid softer economic conditions, preliminary figures released by the Ministry of Manpower revealed Thursday.
The overall jobless rate rose to a seasonally adjusted 2 percent in the second quarter from 1.8 percent in the preceding quarter. Economists had expected the rate to rise to 1.9 percent.
After seasonal adjustments, the total number of unemployed people in Singapore came in at 73,300, out of which 56,100 were Singapore citizens.
Overall employment grew by 15,700 sequentially to 3.63 million, which represented a 2.4 percent increase year-over-year in the second quarter. However, the growth rate over the year was lower than the 2.7 percent seen in the first quarter.
Employment in the services sector increased at a faster pace in the second quarter, while that in the manufacturing sector dropped at a slower pace. On the other hand, construction employment rebounded from the previous quarter.
Layoffs fell to 3,100 from 3,500 in the preceding quarter, as fewer workers were made redundant in the construction and manufacturing sectors.
The material has been provided by InstaForex Company – www.instaforex.com