Unemployment rate spikes to its highest since 2010

Whole year average unemployment rate sits at 2.1%.

Singapore overall unemployment rate rose 2.2% in the 4Q16 up from a 2.1% uptick in the previous quarter.

According to the latest figures by Ministry of Manpower, the unemployment rate for residents grew from 2.9% to 3.2% while rate for citizens ticks up from 3% to 3.5%.

"This occurred even as employment grew as more people entered the labour force to look for work," MoM said.

For the said quarter, total employment grew by 1,900, compared to the contraction in the 3Q16 at -2,700, but growth was lower than the 4Q15's 16,100.

For the whole year, the annual average unemployment rate in 2016 rose to its highest since 2010 at 2.1%. Unemployment rate for residents was up 3% while the rate for citizens scales up to 3.1%.

"The increase was broad-based across most age and education groups, with residents aged 30 to 39 and 50 & over, as well as those with secondary and degree qualifications particularly affected," MoM said.

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