Business News
Singapore's unemployment rate stabilizes at 3.3 per cent
Jul 31, 2009, 4:24 GMT
Singapore - Singapore's unemployment rate stabilized at 3.3 per cent in June, the government said Friday, as the city-state's economy showed signs of recovery from its worst recession for more than four decades.
While the unemployment rate remained unchanged compared to March, the number of redundancies fell sharply in the second quarter.
According to preliminary estimates, 5,500 workers lost their jobs in the three months from March to June, the Ministry of Manpower said.
That was less than half the 12,600 redundancies posted for the first quarter
However, total employment contracted by 12,400 in the second quarter, doubling the job losses in the first quarter of 2009.
'In the difficult job market, more people are deferring job searches and pursuing courses,' the ministry said.
Manufacturing bore the brunt of the decline with 17,600 job losses, while construction increased its workforce by 3,400 in the second quarter.
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