SINGAPORE : Total employment in Singapore expanded by 58,600 new jobs in the third quarter, up substantially from the increase of 43,000 a year ago, the Ministry of Manpower said in a statement on Friday.

The July-to-September figure also marks an upward revision from an earlier estimate of 57,600 jobs.

Seasonally adjusted unemployment fell to 1.7 percent at the end of September from 2.3 percent three months earlier. Similarly, the resident unemployment rate fell to 2.3 percent from 3.1 percent at the end of June.

Both unemployment rates are the lowest recorded in almost a decade, having improved to pre-Asian crisis levels.

Wage growth moderated slightly in the third quarter, with earnings rising 6.9 percent from the same quarter a year earlier after increasing 8.5 percent in the second quarter.

However, overall labour productivity was flat in the third quarter, following a marginal 0.4 percent gain in the preceding quarter. This led to an increase in the overall unit labour cost by 5.9 percent, slightly lower than the 6.3 percent growth in the previous quarter.

In summary, the Ministry said the labour market turned in another quarter of strong performance.

Robust job creation and slower growth in resident manpower supply led to a decline in the unemployment rate to the pre-Asian crisis level. - CNA/ch

Source: Channelnewsasia.com

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