News

HR & Education

Danielle Isaac

, Singapore

Published:

8 years ago

Resident unemployment rate edges down to 3.1%

The total jobless rate stays at 2.2%.

Singapore's resident unemployment rate edged down 0.1% to 3.1%, whilst overall unemployment rate remained at 2.2%.

According to OCBC, local employment saw a remarkable turnaround and rose by 4,000 in H1, as the Community, Social and Personal Services, Finance & Insurance, and Infocomm led hiring growth.

However, foreign employment fell by 21,400 due to the drags from the Marine & Offshore Engineering and Construction industries.

"Looking ahead, the employment prognosis appears supportive but still subdued," OCBC said.

Ageing demographics will also pressure medium-term labour supply and local workforce growth.

The average annual job creation of 25,000 to 40,000 could be a challenge for 2017 unless H2 job prospects get boosted significantly, OCBC added.

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