Singapore's unemployment rate slowed to 2.8%

Foreign employment also moderated.

According to a release by the Ministry of Manpower, unemployment remained low amid the tight labour market, while employment creation remained high, mainly driven by locals.

The unemployment rate remained low amid the tight labour market. The seasonally-adjusted citizen unemployment rate was low at 2.8% in December 2013, slightly lower than the 2.9% in December 2012. Meanwhile, foreign employment gains continued to moderate (2013: 4.2%; 2012: 5.9%) amid the foreign manpower tightening measures.

Real income growth strengthened, driven by the tight labour market and lower inflation. The growth in real median monthly income (including employer CPF contributions) for full-time employed Singapore citizens was 4.6% in 2013, up from 1.2% in 2012.

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