Singapore Q3 unemployment rate peaks at 2.3% in ten years
Singapore’s unemployment rate in Q3 of 2019 hiked to its highest in 10 years amid economic uncertainty caused by an election to be held in the coming months, official data showed.
Overall unemployment rate climbed to 2.3% from the previous quarter’s 2.2%. This was the highest unemployment rate since the fourth quarter of 2009, which also showed a 2.3% increase.
The rise in unemployment rate was attributed to a hiring caution caused by economic uncertainties. The ministry said that “effort will be needed to help unemployed job seekers overcome skills mismatches with the remaining vacancies.”
Singapore’s unemployment rate is significantly lower than other countries whose unemployment rates average at 5%.
Singapore has been facing a slow growth this year partly due to the trade war between its major trade partners—the United States and China. The city-state is set to hold an election in early 2021.