Singapore: Labour market expected to deteriorate further – UOB

Economist at UOB Group Barnabas Gan reviewed the latest labour market report in Singapore.

Key Quotes

“Singapore’s overall unemployment rate rose to 2.4% in the first quarter of 2020, according to the Ministry of Manpower.”

“Additional indicators including jobs vacancies, changes in working arrangements, and hours worked also pointed to a softening of Singapore’s labour market.”

“Labour conditions are still expected to worsen especially in the second quarter of 2020 considering the circuit breaker measures as well as the sharp decline in global demand. We expect unemployment to rise to 3.5% in 2020, with upside risks should the COVID-19 pandemic be more severe and protracted.”