Some info recently surfaced that clearly shows that the resident unemployment rate is declining at this point. It still is a bit higher than it was last year, but the unemployment rate is around 3.3% at this time. Last year, it was a bit over 3%, so yes the differences are not that high and definitely not very noticeable!
According to the latest pieces of information, it seems that around 70800 citizens were unemployed in June. This is a great thing to note here, because the unemployment rate is unchanged at 2.2%, although it will most likely get lower in time.
This is a nice thing to have, because it shows a sense of growth for the entire community. There are many reasons why this happened. The growth in communications, information, insurance, social, finance and personal services managed to help us achieve this type of growth.
At the same time, foreign employment is still booming in the region, but there is a decline here when compared to previous years. This is one of the things that allowed the resident unemployment rate to go down a little bit.
Also, it seems that Employment Pass owners seem to be less than expected at this time. Even the number of S pass still remains pretty low, and that’s a very important aspect that you need to take into consideration at this particular time.
Apparently, it seems that around 3640 workers managed to be retrenched in the second quarter, and this is down from around 4000 that were retrenched in the first quarter and around 4800 that were retrenched a year ago. The idea here is that job vacancies rose and that’s what managed to help more people get the job that they wanted. Which is a good thing for the economy, because a high unemployment rate doesn’t help anyone.
Plus, the Singapore economy is preparing to grow at least 2.5% this year, and thus we can expect to have quite a lot of growth at this particular time. Whether this will come to fruition at this time or not, this is all up to the local companies and the growth that they want to have. But yes, it’s nice to have a low resident unemployment rate, as this is certainly going to help Singapore achieve some really good results from an economic standpoint!
New launches in The Central region of Singapore
- Martin Modern
- Gramercy Park (Freehold Condo)
- New Futura (Freehold Condo)
- Sophia Hills
- Highline Residences
Upcoming new launch condos