Unemployment rate dips to 2.1% in September

Total employment is boosted by job growth in the services sector.

Singapore's unemployment rate declined from 2.2% in June to 2.1% in September.

According to the Ministry of Manpower (MOM), the unemployment rate for citizens fell to 3.2%, whilst it remained unchanged for residents at 3.1%. On a yearly basis, the overall unemployment rate was the same whilst the resident and citizen unemployment rates remained higher.

Total employment continued to shrink by 2,500 in Q3. Last year, the total contracted by 4,200.

The number of Work Permit Holders in marine and construction industries continued to fall as a result of low oil prices and continued weakness in construction activities, respectively.

This was partly offset by the pickup in employment in Services including Professional Services, Information & Communications, Administrative & Support Services, Finance & Insurance and Accommodation.

Meanwhile, the number of retrenchments hit 3,600, still lower than last year's figure of 4,220.

Retrenchments edged down in Manufacturing and remained similar in Construction and Services compared with the previous quarter.

Here's more from MOM:

Labour demand is expected to pick up in 4Q 2017, in line with seasonal hiring as seen in previous years. Hiring remains cautious in sectors such as Construction and Marine, while job opportunities continue to be available in other sectors, particularly Infocomms & Media, Finance & Insurance, Healthcare, Professional Services, and Wholesale Trade.

As the resident unemployment rate could remain elevated in the medium term due to ongoing economic restructuring, shift in composition of resident labour force and job-skills mismatch, MOM and tripartite partners will continue to support jobseekers and at-risk workers.

In the first half of 2017, more than 10,000 individuals were placed under the Adapt and Grow Initiative. Of these, more than 1,500 have undergone skills conversion through Professional Conversion Programmes (PCPs), more than double the 600 in the first half of last year.