Singapores Q3 jobless rate soars to highest in 16 years


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A total of 112,500 residents are unemployed, 97,700 of which are Singaporean citizens.
Singapore’s overall unemployment rate rose to its highest since 2004 in Q3 2020 as all three sectors—manufacturing, construction, and services—witnessed lower employment during the quarter, reports UOB Global Economics & Markets Research.
The overall jobless rate rose further to 3.6% during the past quarter, provisional data from the Ministry of Manpower (MOM) revealed. Singaporeans and permanent residents’ unemployment rose in tandem to 4.7% and 4.9%, respectively. This translates to 112,500 residents unemployed, 97,700 of which are Singaporeans.
Employment cuts were largely concentrated in the manufacturing and construction sector, shrinking by 14,800 and 17,100 workers, respectively.
Meanwhile, employment in the services sector fell by 300 in Q3, down from the record fall of 90,500 in Q2, noted UOB economist Barnabas Gan.
Across the services clusters, employment growth reportedly picked up in the community, social & personal services (such as healthcare, public administration), and food & beverage services.
Furthermore, despite the softening labour market, Gan noted that the rise in retrenchment and overall unemployment rate has decelerated from previous readings. Total retrenchments in Q3 rose by 970 persons (to a total of 9,100 persons) from Q2, down from an increase of 4,910 persons in Q2 from Q1.
Looking ahead, Singapore’s labour market could improve in Q4 given the uptick in business sentiments and economic conditions, Gan said.
“The proportion of companies which indicated an intention to reduce salary or headcount has been on the downtrend since May 2020, whilst more companies have indicated plans to hire compared to the preceding months. As such, we continue to expect the unemployment rate to end at 3.5% in Q4,” Gan added.
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(Bloomberg) — Supply Lines is a daily newsletter that tracks Covid-19’s impact on trade. Sign up here, and subscribe to our Covid-19 podcast for the latest news and analysis on the pandemic. Six Southeast Asian nations including Vietnam, Thailand, Singapore and Malaysia have started a single cross-border transit regime for smoother movement of goods by land within the region. The system aims to bolster supply chain connectivity across the…
DPU fell 25.1% YoY to 9.042 cents for the same period. Frasers Centrepoint Trust (FCT) recorded a 20.4% YoY fall in net property income (NPI) to $110.89m for FY2020, with income also falling 14.8% YoY to $101.15m for the same period. Its distribution per unit (DPU) plunged 25.1% YoY to 9.042 cents for FY2020.
Tampines is the most popular estate with 557 transacted units. This chart from OrangeTee & Tie shows that the resale volume of HDB flats in mature estates rebounded strongly in Q3, with transactions swelling 133.7% from 1,323 units in Q2 2020 to 3,092 units in Q3. The most popular estate was Tampines with 557 units transacted, followed by Bedok with 445 transactions and Ang Mo Kio with 301 transactions.
SPIJKENISSE, Netherlands (AP) — This really was a fluke. The driver of a metro train escaped injury when the front carriage rammed through the end of an elevated section of rails and was caught by a sculpture of a whale’s tail near the Dutch port city of Rotterdam. The train was left perched upon one of two tail fins known as “flukes” several meters (yards) above the ground. It created such a stir locally that authorities urged sightseers to…
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