According to data from the Singapore Ministry of Manpower, the unemployment rate stood at 2.9% in June.
The unemployment rate in Singapore increased as a result of job cuts that happened between April and Jun Manpower e due to Covid-19.
The overall unemployment rate stood at 2.9% in June, the highest in just over a decade in the city-state.
According to data published by the Ministry of Manpower, the number of Singaporean unemployed increased to 79,600 in June from 66900 in March.
In the case of permanent residents, 90,500 unemployed were registered at the end of June, compared to 76,200 in March.
The Ministry of Manpower argued that the unemployment figure increased due to the wave of layoffs in this last quarter.
The sector with the greatest impact is the wholesale trade and transportation team as a result of the low demand for retail sales and air travel.
Unemployment situation “seems to not hit bottom”
The head of the Ministry of Manpower, Josephine Teo, pointed to a situation that seems not to have hit bottom yet and that in great measure depends on the actions of companies.
“I think it is reasonable for us to adopt a more cautious attitude, and that is to expect that it hasn’t bottomed out.” said Josephine Teo.
She added that food and beverage establishments may see an increase in consumer demand in the coming months.
However, she pointed that the volumes of the crowds will not be the same as the pre-pandemic due to health security measures.
Finally, Josephine Teo said that the outlook is uncertain not only within Singapore, and that the city-state is highly connected to the global economy, which currently has low demand.