Singapore’s overall unemployment rate rose to 3.4 per cent in August 2020.
The figure has climbed past the high of 3.3 per cent recorded in September 2009 during the global financial crisis.
But it has not surpassed the highest overall unemployment rate of 6.4 per cent recorded in September 2003 during the SARS outbreak.
From July to August, unemployment went up
The overall unemployment rate for August climbed 0.4 percentage points from July.
The latest jobs situation report from the Ministry of Manpower (MOM) was out on Oct. 7.
The unemployment rate is now being tracked on a monthly basis to “monitor the labour situation more closely”, MOM said.
Previously, unemployment rates were released on a quarterly basis.
Citizen unemployment rate increased to 4.6 per cent in August: Up 0.3 percentage points from July.
Unemployment rate of citizens and permanent residents increased to 4.5 per cent in August: Up 0.4 percentage points from July.
Unemployment rate gradually rising
MOM said in its press release that monthly unemployment rates has been gradually rising but have so far generally remained lower than past recessionary highs.
MOM also said in its report that the Monetary Authority of Singapore (MAS) estimates that the combined Budgets to stimulate the Singapore economy will prevent it from contracting by a further 5.6 per cent of GDP in 2020, and 4.8 per cent in 2021.
Not sure if unemployment has bottomed out
“Our economic support measures will also offset some of the rise in resident unemployment rate by about 1.7 per cent this year,” the ministry added.
“This could mean about 155,000 jobs saved over these two years, although we will still see job losses overall.”
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