Chart of the Day: Singapore's unemployment rate hit 5-year low

Foreign workers supply continue to shrink.

According to CIMB, despite modest economic growth, the labour market remains tight, with unemployment staying
at a 5-year low of 1.8% SA at end-2013.

As the supply of foreign workers continued to shrink, Singapore’s seasonally-adjusted unemployment rate stayed at 2012’s 1.8%, which was the lowest since 2007.

Here's more:

This was pretty much what we and the market expected. Within the resident labour force, unemployment climbed to 2.7% SA (2.6% in Sep 13), with an estimated 57.2k residents unemployed as at Dec (Sep 13: 56.0k). The Ministry of Manpower also said unemployment for citizens was unchanged qoq at 2.8% SA at year-end (2.9% in Dec 12).

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