Singapore's unemployment rates returning to pre-Covid levels

SINGAPORE: Unemployment rates are now at the same levels as they were before the pandemic, with an overall 2.1% downward trend in February from January’s 2.3%.

The Ministry of Manpower (MOM) further revealed that the resident unemployment rate fell to 3.0% in the last recorded month, from 3.1% in January.

The citizen unemployment rate fell to 3.2%, from the previous 3.3%.

"The high number of vacancies could bring rates down further, but at the same time, the downside risks in the global economy have increased; protracted supply chain disruptions and higher energy prices could affect business sentiments and profitability," the ministry added.

David Leong, from PeopleWorldwide Consulting, commented that the progress was due to the hiring activities by companies and employers.

He said, "This is evidenced by the amount of hiring orders we have been receiving from the marine, process and hospitality industries... The improvement of the economy largely stems from confidence - that we have passed the difficult part of the Covid-19 curve and now are building momentum into an upswing.”

Leong predicted strong inflation despite the confidence in the easing of Covid-19 measures, where businesses have to cope with the rising energy prices and operating expenses.

"We are cautiously optimistic and look forward to when our core resident employment rate can go up higher with MOM's adjusted formula to allow foreigners to work in Singapore," Dr Leong cited.

12 views0 comments