Asian Economic News

Singapore Unemployment Rate Edges Up In Q1

Unemployment rate in Singapore rose marginally to 1.9 percent in the first quarter of 2013 from 1.8 percent in the fourth quarter of 2012, the latest figures from the Ministry of Manpower showed Tuesday.

Despite the increase, the rates remained substantially below the peak of 3.3 percent, recorded in September 2009 when the economy was hit by the Global Financial Crisis.

An estimated 57,800 residents, including 50,000 Singapore citizens were out of work in March, the ministry said.

At the same time, growth in employment slowed, reflecting continued weakness in the economy and the recent government measures that tightened job conditions for foreign workers.

Total employment rose by 20,800 in the first quarter of 2013. This was substantially weaker than the previous quarter's seasonal gain of 44,000. It was also the lowest increase for first quarter in the post-2009 recession period.

The slowdown in employment gains was broad-based. While services continued to generate the majority of employment gains in the first quarter of 2013, the pace of increase was weaker than in the first quarter of 2012.

Similarly, the growth in construction workforce slowed during the period. Meanwhile, the manufacturing sector cut jobs for the first time in five quarters, following persistent weakness in production.

by RTTNews Staff Writer

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