Singapore's unemployment rate rises to 2.3% in Q2

SINGAPORE: Singapore's unemployment rate rose to 2.3 per cent in the second quarter after seasonal adjustments amid economic uncertainties, according to estimates from the Ministry of Manpower.

For the second consecutive quarter, the overall jobless rate climbed from a seasonally adjusted 1.7 per cent in December to 2.0 per cent in March and further to 2.3 per cent in June. There were also fewer jobs in the period from April to June.

Employment grew by 70,600 in the second quarter, slightly lower than the increase of 73,200 in the preceding quarter but higher than the 64,400 from the same period a year ago.

The rise on-year was driven by robust expansion in building activities, and employment in the construction sector grew by a record 22,100 in the April to June period.

Services were hard hit; the number of new jobs created went down from 46,500 to 37,600 workers in the second quarter.

The manufacturing sector posted gains of 10,200, down from the increase of 11,800 in the first quarter.

Retrenchments have eased to the same level as a year ago, after rising for two consecutive quarters. 1,900 workers were retrenched in Q2, 374 fewer compared with the first quarter.

"From the ground, we sense that there still may be more restructuring. So the overall retrenchment figure for this year may still be slightly higher than last year. Nonetheless, we are happy to note (the) good employment rate,... so there's lesser worry for workers," said Chiam Hui Fong, Industrial Relations Department, NTUC.

Some 77,800 Singapore residents were unemployed as of as of June. The seasonally adjusted figure was 60,900.

The government has warned that Singapore is facing a triple whammy of economic threats, in the form of surging inflation, slower-than-expected growth and weaker exports.
To protect against retrenchments, the labour movement has reiterated the need for training and skills upgrading, so that workers can easily find themselves another job if they are laid off.

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more bad news.. need to "tighten" belt and stay put or SWITCH ASAP already