Singapore's unemployment rate falls in Q3

13:24, December 15, 2010      

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Singapore's seasonally adjusted overall unemployment rate fell slightly to 2.1 percent in the third quarter this year from the previous quarter's 2.2 percent, official data showed on Wednesday.

But this is a significant improvement from a year ago, when unemployment peaked at 3.3 percent during the economic downturn, according to the latest data from the Ministry of Manpower.

The Singapore economy continued to create jobs in the third quarter of 2010, though the pace has eased from the robust gains earlier in the year.

Employment rose by 20,500 in the third quarter of 2010, after growing by 24,900 in the preceding and 36,500 in the first quarter.

This brought total gains in the first nine months to 82,000, in contrast to an almost flat growth of 100 over the same period last year when the economy was in recession.

Job vacancies rose by 36 percent over the year to 50,200 in September 2010, the highest recorded since the comparable series started in March 2006.

After adjusting for seasonality, job vacancies dipped slightly by 1.7 percent from the previous quarter, after rising for five straight quarters.

With the decline in unemployment, the ratio of job vacancies to unemployed persons edged up to a seasonally adjusted 1.06 this September from 1.04 this June.

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