Singapore Unemployment Rate Hits 14-Year Low In 2011

By Tengku Noor Shamsiah Tengku Abdullah SINGAPORE, March 15 (Bernama) -- Singapore's overall unemployment rate for the fourth quarter of 2011 and for the full year averaged two per cent -- the lowest in 14 years. The Manpower Ministry's Labour Market 2011 report showed that on average, 60,600 residents including 52,900 Singapore citizens were unemployed in 2011. The corresponding figures in 2010 were 64,800 and 57,700. Amid the tight labour market, the ministry said workers’ earnings rose but with the economic outlook uncertain, hiring sentiments continued to soften. Layoffs rose in the last quarter of 2011, though there was only a slight increase in the total number of affected workers in the whole year. Meanwhile, growth in labour productivity slowed, following the sharp rebound in the preceding year. For the whole year, total employment increased by 122,600 (or 3.9 per cent) in 2011, slightly higher than the gains of 115,900 (or 3.9 per cent) in 2010. -- BERNAMA