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Singapore's unemployment rate falls to 3-year low

04-29-2011 14:36 BJT

SINGAPORE, April 29 (Xinhua) -- The overall unemployment rate in Singapore fell to a three-year low of 1.9 percent in March, reflecting the tight labor market, statistics released on Friday by the Ministry of Manpower showed.

In comparison, the unemployment rate was a seasonally adjusted 2.2 percent in December last year.

Total employment grew by 23,700 in the first quarter of the year, thanks to healthy economic expansion, lower than the 33,900 in the fourth quarter last year and the 36,200 in the first quarter of this year but still remarkable, considering that the strong hiring last year was partly generated by the recovery and the casino resorts.

Among the resident labor force, the unemployment rate declined to 2.7 percent. An estimated 57,100 residents were unemployed in March on a seasonally adjusted basis.

The redundancy rate was also lower due to strong job creation in the services sector.

Human resources consultancy Randstad said the strong job creation was not strong given the economic growth of 8.5 percent in the first quarter.

The statistics suggest the tight labor market shows no signs of abating, it said.

"There will be continued competition for talent as companies seek to employ the best people to drive their business forward in 2011," said Karin Clarke, regional director for Singapore and Malaysia at Randstad.

"Companies will need to ensure they have robust, planned people strategies to help deal with the strengthening market, which is proving to be the biggest human capital challenge currently facing Singapore's economy," she said.

Editor:Yang Jie |Source: Xinhua

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