Singapore employment sees slowest YoY growth since 2003: MOM

It inched up 0.9%, or 31,800.

Singapore employment is waning amidst weaker economic conditions and tightened supply of foreign manpower. According to a report by the Ministry of Manpower (MOM), total employment inched up by 0.9%, or 31,800, reflecting the lowest YoY growth since 2003.

Employment growth in 4Q15 stood at 15,500, which is up from the previous quarter's 12,600. It comes up meager, though, compared to 4Q14’s 40,700, marking the lowest YoY growth since 2003.

Preliminary estimates also showed that the overall seasonally adjusted unemployment rate dipped slightly 2% in September 2015, to 1.9% in December 2015. Unemployment also tapered marginally from 3% to 2.9% among residents, and from 3.1% to 3% for citizens. For 2015, the annual average unemployment rate was broadly unchanged since 2011 for overall (1.9%), residents (2.8%), and citizens (2.9%).