BUSINESS Singapore sees faster employment growth amid more retrenchments

BUSINESS

Singapore sees faster employment growth amid more retrenchments

Xinhua

14:26, October 24, 2019

SINGAPORE, Oct. 24 (Xinhua) -- Singapore's Ministry of Manpower announced on Thursday that the country's total employment grew at a faster pace in the third quarter of this year, but the retrenchments were higher than in the previous quarter.

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(File photo: Xinhua)

The ministry said in its Labour Market Report Advance Release that Singapore's employment, excluding foreign domestic workers, increased by 22,400 in the third quarter of 2019, compared to the revised 6,200 in the previous quarter and 16,700 in the year-earlier period.

Meanwhile, the retrenchments in the third quarter was 2,900, which was higher than the 2,320 in the second quarter, but remained comparable to the 2,860 for the same period of 2018.

The ministry said that Singapore's seasonally adjusted overall unemployment rate inched up to 2.3 percent in September from 2.2 percent in June, while the unemployment rates rose for residents and citizens to 3.2 percent and 3.3 percent, respectively.

According to the ministry, Singapore has its employment continuing to grow, and there were still job vacancies available. However, unemployment rates edged up, which points to possible mismatches in the labour market. 

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