Singapore’s jobless rate increased sharply in the second quarter to a new decade-high of 2.9 percent, provisional data showed on Wednesday, as the virus pandemic saw employment shrink in the services and construction sector, Reuters reports. The overall unemployment rate climbed from 2.4 percent in the first quarter, moving within sight of a 3.4 percent peak hit during the global financial crisis of 2009. Retrenchments were much higher between April and June at 6,700, compared to 3,220 in the previous quarter. “Softness in the labour market is likely to persist with continued weakness in hiring and pressure on companies to retrench,” the manpower ministry said.

Source: The Standard July 29, 2020 03:11 UTC