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5 months ago | World Business News | 0 comments

By Xai Reyes

According to the Manpower Ministry, overall unemployment rate climbed to 3.4% in August, and it “remains to be seen” if it will rise more quickly in the coming months.

Singapore’s overall unemployment rate rose to 3.4 per cent in August, climbing past the high of 3.3 per cent recorded in September 2009 during the global financial crisis.

But August’s rate is lower than the highest overall unemployment rate of 4.8 per cent, recorded in September 2003 during the SARS outbreak.

The latest jobs situation report from the Ministry of Manpower (MOM) on Wednesday (Oct 7) showed the overall unemployment rate for August climbed 0.4 percentage points from July.

MOM said it has started to track the unemployment rate on a monthly basis to “monitor the labor situation more closely”. Unemployment rates are usually released on a quarterly basis.