Home / World News / Singapore's jobless rate jumps in Q2, nearing financial crisis peak

Singapore's jobless rate jumps in Q2, nearing financial crisis peak

The overall unemployment rate climbed from 2.4% in the first quarter, moving within sight of a 3.4% peak hit during the global financial crisis of 2009

Premium

Singapore has reported over 50,000 Covid-19 cases, the vast majority in migrant worker dormitories which has hammered a construction industry reliant on cheap labour.

Reuters Singapore

1 min read Last Updated : Jul 29 2020 | 11:58 AM IST

Singapore's jobless rate rose sharply in the second quarter to a new decade-high of 2.9%, provisional data showed on Wednesday, as the Covid-19 pandemic saw employment shrink in the services and construction sector.

The overall unemployment rate climbed from 2.4% in the first quarter, moving within sight of a 3.4% peak hit during the global financial crisis of 2009.

ALSO READ: US weekly jobless claims rise to 1.4 mn as $600 benefit is set to expire

Retrenchments were much higher between April and June at 6,700, compared to 3,220 in the previous quarter.

"Softness in the labour market is likely

Topics : Coronavirus Lockdown Singapore unemployment rate labour market Services sector Construction sector tourism sector

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in