Singapore’s jobless rate hits fresh 16-year high

Singapore – Singapore’s unemployment rate nudged up to hit a fresh 16-year high in September, data showed on Friday, as a coronavirus slump continued to roil the global business and travel hub.

The city-state’s overall jobless rate <SGUNRP=ECI> rose to 3.6%, its highest since the middle of 2004, from 3.4% in August, preliminary data released by the manpower ministry showed.

The local unemployment rate among citizens and permanent residents also nudged up to 4.7%, but remained just below a peak of 4.9% hit at the tail of the global financial crisis in 2009.

Authorities expect local unemployment to peak in the second half of this year, saying that job losses have fallen heavier on foreigners. – Reuters

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