Thursday, October 31, 2013
DJ: Singapore's Unemployment Rate Falls To 1.8%; May Fuel Wage Inflation
SINGAPORE--Singapore's unemployment rate declined in the quarter that ended September 30 as more jobs were added, reflecting a tight job market that may fuel pressure on prices.
The seasonally adjusted overall unemployment rate was 1.8% in September, down from 2.1% in June, the government said in a statement on Thursday.
The unemployment rate for residents fell to 2.6% from 2.9% and to 2.8% from 3.1% for Singapore citizens over the third quarter, according to the statement.
Employment growth was driven mainly by services and construction, which added more workers than in the same period last year. About 28,100 jobs were added in the July-to-September quarter, it said. That compared with 33,700 jobs that were added in the previous quarter, but was higher than 26,200 in the third quarter last year.
That brought total employment to 3.45 million in September, which was 4.1% higher than a year ago, according to the statement.
Some 2,600 workers were laid off in the third quarter, down from 3,080 in the preceding quarter and 2,850 in the third quarter of last year.
Earlier this month, the Monetary Authority of Singapore kept its policy stance of a gradual and modest appreciation of the local dollar against a basket of currencies of its key trading partners, citing possible local inflationary pressure and an improvement in the global economy.