Singapore's unemployment rate remains unchanged in first quarter

Singapore’s unemployment rate remained unchanged in the first quarter as the rise in unemployment among residents above 30 years of age was offset by the fall in unemployment for younger residents below the age of 30.

Overall unemployment remained unchanged at 1.9 percent during the first quarter of the year, data released by the Ministry of Manpower, Singapore showed Monday. However, the Ministry noted that long-term unemployment rate increased from 0.5 percent to 0.7 percent.

In the first quarter of 2016, total employment grew by 13,000. Even though the growth was a reversal from the decline of 6,100 in the same period in 2015, it was significantly lower than the figures for 2013 and 2014.

Meanwhile, 46 percent of residents who turned jobless in the last quarter of 2015 managed to find jobs by March this year. However, this was fewer than the 50 percent in the previous quarter found jobs, making it the lowest since June 2009 (43 percent).

Even though job openings continued to outnumber job seekers, the seasonally adjusted ratio has declined to 103 openings per 100 job seekers in March 2016, the lowest since June 2012, when there were 98 openings per 100 job seekers. Long-term unemployment, referring to those who are out of work for 25 weeks or more, also inched up from 0.5 percent last year to 0.7 percent this year.

Meanwhile, over the whole of 2015, the overall unemployment rate for Singaporeans and residents was 2.9 per cent and 2.8 per cent respectively, while a total of 15,580 workers were laid off.  The MOM further added that, it will work in coherence with tripartite workers to seek employment support and displace the unemployed into the workforce.