The FINANCIAL — Singapore’s overall unemployment rate was 1.8% in the first quarter, the lowest level since the third quarter of 2013, underscoring the central bank’s worries about a tight labor market, according to Nasdaq.
The unemployment rate for residents fell to 2.5% from 2.7% in the final quarter of last year; for citizens, the rate fell to 2.6% from 2.7%, data released over the weekend showed.
Employment grew by 2.9% during the first quarter, bringing the total number of people employed to 3.6 million. Singapore’s population is about 5.5 million.
“The labor market remains tight and vacancies continue to outnumber job seekers. This is also evident from the low and continued downward trend of the unemployment rate. This may be reflective of the anticipated slowing of the local labour supply going forward,” the Ministry of Manpower said in a statement.
About 3,500 workers were made redundant in the first quarter of 2015, fewer than in the 3,910 in the preceding quarter, but slightly higher than the 3,110 in the first quarter of 2014.