The Ministry of Manpower (MOM) said on Thursday that Singapore's unemployment rate remained constant in May from the previous month, and that the possibility of a downturn is low (Jul 7).
According to the Ministry of Manpower's (MOM) monthly unemployment report for May, the unemployment rate stayed at 2.2% overall, 3.0% among residents, and 3.1% among citizens.
MOM reported that 64,700 of the 72,300 inhabitants who were unemployed in May were citizens. These statistics are somewhat lower than those for April, when there were 64,800 citizens among the 72,400 jobless inhabitants.
As a result of a tight labor market and an abundance of job openings, the ministry predicts that Singapore's unemployment rate will remain low, and a recession is judged unlikely. After reaching a peak in October 2020, unemployment rates have been declining, with the current rate at 3.6%.
However, MOM also cautioned that the global economy faces "major challenges" that might "influence company decisions."
This includes the global economic slump and severe inflationary pressures, which may be worsened by the current Russia-Ukraine conflict and the Covid-19 epidemic in China and other economies.
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