Unemployment rates in Q2 hold steady amid tight labour market: MOM

SINGAPORE — The Republic’s tight labour market meant unemployment remained low, with overall unemployment rates holding steady in the second quarter of this year, according to the Ministry of Manpower (MOM).

Preliminary estimates released by the ministry’s Research and Statistics Department today (July 31) showed that the overall seasonally adjusted unemployment rates remained at 2 per cent — similar to that of the first quarter.

The seasonally adjusted unemployment rates for citizens went up slightly by 0.1 percentage point to 3 per cent, while resident unemployment rate improved slightly from 2.9 per cent to 2.8 per cent over the same period, according to the figures.

However, the number of jobs created dropped in the second quarter to 22,000 compared to the previous quarter’s 28,300. A year ago, total employment growth was at 33,700 jobs, MOM stated.

In terms of overall employment figures, MOM said it hit 3,544,200 last month — a 3.6 per cent increase year-on-year. It is 4 per cent lower than the previous quarter though, it added.

The number of layoffs also dipped, with about 2,300 workers let go in this quarter, compared to the 3,110 workers released in the previous quarter, MOM said. CHANNEL NEWSASIA