Unemployment rises in Singapore

RTT News is reporting that S'pore's jobless rate rose 2% in the first quarter of 2008over the previous quarter, primarily due to international economical uncertainty. The good news is that, overall, S'pore's employment increased on a yearly basis due to economic growth in the past twelve months.

Manufacturing saw the largest layoffs followed by the service sector. Again, however, overall employment is on the rise in Singapore, from 62,500 to 73,200 employed persons from the previous quarter. The unemployment rate in the first quarter was 2% compared to 2.8% the previous year.

Strong areas of employment continue to be service, construction and manufacturing. Wages rose (adjusted for inflation) 3.6% in the first quarter.

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