Singapore's unemployment rate falls to 6-year low

SINGAPORE: The Ministry of Manpower's latest data shows that the country's unemployment rate fell to 1.9% in August 2022, the lowest since March 2016.

Broken down, resident unemployment fell to 2.7%, while the citizen unemployment rate also decreased to 2.8%. MOM’s data showed that 64,800 residents were unemployed in August, of which 57,600 were residents.

“While unemployment rates are currently lower than pre-pandemic levels, the increased risk of a slowdown amidst contraction of manufacturing activity, soaring inflation and interest rate hikes could dampen labour market activity,” the ministry said.

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