Unemployment remains low despite increase in layoffs

Unemployment in Singapore remained “low and steady” in the third quarter, despite an increase in layoffs due to business restructuring, the Ministry of Manpower said on Friday (Oct 31).

The overall seasonally-adjusted unemployment rates held steady over the quarter in September – from 2 per cent in the second quarter to 1.9 per cent. Unemployment rates for residents was 2.8 per cent and 2.9 per cent for citizens.

A total of 3,400 workers were made redundant in the third quarter – higher than the 2,410 layoffs in the previous quarter and the 2,710 layoffs in the same period a year ago. The services sector accounted for slightly more than half of the layoffs, the ministry said.

Overall employment growth in the third quarter was 27,100, largely unchanged from the previous quarter’s 27,700 and lower than the previous year’s 33,100. Total employment in September was 3.577 million, 3.6 per cent higher than a year ago but lower than the 3.8 per cent in June.