THE STAR – Although unemployment in Singapore dropped in August compared with July, the increasing risks of an economic slowdown may dampen the labour market.
Monthly figures for August, released by the Ministry of Manpower last Friday, showed there were 57,600 unemployed Singaporeans in August, almost 4,000 fewer than July’s 61,500.
The unemployment rate for Singaporeans declined by 0.2 percentage point to 2.8 per cent.
Resident unemployment, comprising permanent residents and Singaporeans, clocked in at 64,800, compared with 68,900 in July.
The overall unemployment rate, at 1.9 per cent and that for residents, at 2.7 per cent, both posted a 0.2 percentage point decline from July too.
But the ministry added, “While unemployment rates are currently lower than pre-pandemic levels, the increased risk of a slowdown amid contraction of manufacturing activity, soaring inflation and interest rate hikes could dampen labour market activity.”