Singapore’s Ministry of Manpower (MOM) February 2022 statistics have showed a continued decline in the city state’s unemployment rate—dropping from 2.3% to 2.1% overall. The unemployment rate for Singaporean citizens and permanent residents also declined from 3.1% to 3.0%.
As the unemployment rate continues to improve the MOM commented, “With the latest month’s decline, the unemployment rates are now back to around pre-COVID levels. Going forward, we expect the unemployment rates to fluctuate depending on the prevailing economic situation.”
As of February, around 72,000 residents (including 65,000 citizens) were unemployed based on seasonally adjusted data. The MOM noted that the protracted high number of job vacancies — those unfilled for more than six months, could bring the rate down further though noted that there are increased global economic risks including supply chain disruptions and higher energy prices that could impact business sentiments.
In 2021, Singapore saw the number of job vacancies that were unfilled for more than six months increase to 35%, up 8% from the previous year. Key industries that are struggling to attract talent include information and communications, financial and professional services and health and social services.
Paul Arkwright
Publisher
