Economist Barnabas Gan at UOB Group reviewed the latest labour market report in Singapore. Key Quotes “Singapore’s unemployment rate expectedly rose to 2.9% in the second quarter of 2020, according to the provisional data by the Ministry of Manpower. This marks the highest unemployment rate over a decade ago.” “All three major industries, specifically manufacturing, construction and services, saw reduced employment in 2Q20.” “We continue to pencil unemployment rate to edge higher to 3.5% in 2H20. Singapore’s labour market is still expected to soften further into 2H20, given the economic recession. Given the slowdown, companies may continue to show reluctance in hiring while the pressure to retrench their existing workforce could also increase.” “Nonetheless, government-led efforts to support Singapore’s labour market could partially mitigate the rise in unemployment rate. These include the Job Support Scheme (JSS) to provide wage support for citizens, coupled with other numerous initiatives and programmes to help job-seekers and mid-career individuals.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD consolidates daily recovery gains above 1.3400 FX Street 3 years Economist Barnabas Gan at UOB Group reviewed the latest labour market report in Singapore. Key Quotes “Singapore’s unemployment rate expectedly rose to 2.9% in the second quarter of 2020, according to the provisional data by the Ministry of Manpower. This marks the highest unemployment rate over a decade ago.” “All three major industries, specifically manufacturing, construction and services, saw reduced employment in 2Q20.” “We continue to pencil unemployment rate to edge higher to 3.5% in 2H20. Singapore’s labour market is still expected to soften further into 2H20, given the economic recession. Given the slowdown, companies may continue to show reluctance… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
