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2025-07-30 11:56:39
Singapore's Labor Market Boosted by Strong Economic Growth: Preliminary data released by Singapore's Ministry of Manpower on Wednesday showed that total employment (excluding foreign domestic workers) increased by 8,400 in the quarter. This was higher than the 2,300 increase in the first quarter, but lower than the 11,300 increase in the second quarter of last year. The ministry said both resident and non-resident employment increased compared to the previous quarter. Layoffs remained stable at 3,500 in the second quarter, compared to 3,590 in the previous quarter. The ministry said business restructuring or adjustments remained the primary reason for layoffs. The unemployment rates for residents and citizens rose to 2.9% and 3.0%, respectively, in June. The ministry said it expects employment to continue to grow, but at a slower pace than last year. However, it also warned that global economic uncertainty could put pressure on hiring and wage growth. Hours before the data was released, the Monetary Authority of Singapore announced its decision to maintain its policy range. Singapore's economic growth in the second quarter was better than expected, but the country's exports to the United States still face a 10% tariff. Michael Wan, senior currency analyst at Mitsubishi UFJ Bank, wrote in a report that Singapore Deputy Prime Minister Gan Kim Yong did not have the opportunity to speak with U.S. Commerce Secretary Lutnick during his recent visit to the United States. Wan noted that Gan Kim Yong said the 10% tariff appeared non-negotiable. However, Wan said Singapore has indicated that it is interested in participating in discussions if the opportunity arises.
