Unemployment Rate in Singapore at Three-Year Low (1.9%)

June 17, 2011 by in Headlines

The unemployment rate in Singapore declined to a three-year low at 1.9% (overall) and 2.7% (resident) in March 2011.

This is according to the latest (Q1 2011) Labour Market report, released by the Ministry of Manpower (MOM).

Long-term unemployment rate also improved. 11,800 or 0.6% of the resident labour force had been looking for work for at least 25 weeks in March 2011, down from 14,600 or 0.7% in March 2010. They formed 22% of the resident job seekers in March 2011.

Driven by declines from construction and services, redundancies fell to 2,750 from 3,190 in the fourth quarter of 2010. Based on CPF records, 53% of the residents laid off in the fourth quarter of 2010 secured employment by March 2011, up slightly from 51% in December 2010.

Job vacancies rose substantially by 32% over the year to 49,300 in March 2011.

Amit Puri - Managing Consultant, Sandbox Advisors

Amit is an experienced career, business and HR professional. Previously, he has worked with organisations such as Bain & Company, Morgan Stanley and Citigroup. Amit has advanced degrees/qualifications in Career Counselling, Organisational Psychology & HR, Occupational Psychometrics, Career/Life Coaching & Business.