Singapore records highest unemployment rate over the past decade

Singapore’s unemployment rate rose to 2.9 percent in the second quarter of 2020 from 2.4 percent in the preceding quarter, the highest level over the past decade, according to the country’s Ministry of Manpower (MOM).

31, Jul. 2020

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SINGAPORE, VNA - Singapore’s unemployment rate rose to 2.9 percent in the second quarter of 2020 from 2.4 percent in the preceding quarter, the highest level over the past decade, according to the country’s Ministry of Manpower (MOM).

The total employment (excluding foreign domestic workers) plunged more than 25 percent.

Resident unemployment rate rose to 3.9 percent in the second quarter from 3.3 percent in the preceding quarter.

In June only, 79,600 Singaporean citizens were unemployed.

All three broad sectors - manufacturing, services and construction – saw a sharp decline in employment in the second quarter.

According to the Singapore’s Ministry of Trade and Industry, its economy shrunk by 41.2 percent in the reviewed period. - VNA