Singapore’s unemployment rate increases

SINGAPORE (Vietnam News/ANN): The number of retrenchments and unemployed residents in Singapore rose in the third quarter of 2023 as a weaker economic outlook dragged down sectors such as wholesale trade, according to the Ministry of Manpower (MOM)'s statistics.

Retrenchments rose by 900, from 3,200 in the second quarter to 4,100 in the third quarter, with the majority of the increase from wholesale trade. It is the second-largest sector in Singapore’s economy, making up 18.6% of nominal gross domestic product in 2022 and employing more than 300,000 people by December 2022.