Singapore's jobless rate remained stable in the third quarter and employment contracted moderately reflecting the subdued global economic conditions and internal economic restructuring, the Ministry of Manpower reported Thursday.
The unemployment rate held steady at seasonally adjusted 2.1 percent in the third quarter. The rate among residents came in at 2.9 percent in September and at 3.0 percent among citizens.
Total employment contracted by 3,300 in the third quarter compared to growth of 4,200 in the second quarter, and 12,600 in the same period last year. This was primarily due to contractions in construction and manufacturing, affecting mainly work permit holders.
Nearly 4,100 workers were made redundant in the third quarter compared to 4,800 in the previous quarter. Layoffs fell over the quarter in manufacturing and services, while it increased in construction.
Local unemployment rate held steady amid slowing growth in local labor force.
As the government continue to transform industries to remain competitive and to create and re-create more quality jobs, the tripartite partners will continue to help displaced workers seize new job opportunities through SkillsFuture and Adapt & Grow initiatives, the ministry said.
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