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Economy News

Singapore's unemployment rate declines in Q1

Singapore's Ministry of Manpower announced on Wednesday that the country's labor market improved slightly in the first quarter of 2018, supported by sustained expansion in economic activity.

It said in the Labour Market Report that the seasonally-adjusted unemployment rate declined at overall from 2.1 percent in December 2017 to 2 percent in March 2018, from 3 percent to 2.8 percent for residents, and remained unchanged at 3 percent for citizens.

Meanwhile, the seasonally adjusted resident long-term unemployment rate declined from 0.8 percent to 0.7 percent.

The report said it would be difficult to achieve further improvements in Singapore's labor market, as the resident unemployment rate declined to the lowest level since March 2016.

"To keep unemployment low, it is critical to prepare workers and businesses to be agile and responsive to economic restructuring and the evolving employment landscape," it added.
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