Singapore's Jobless Rate at 7-Year High as Builders Cut: Chart

(Bloomberg) -- Singapore’s jobless rate rose to the highest level in more than seven years last quarter, reaching 2.3 percent as construction and manufacturing cut thousands of jobs. While unemployment in the city state remains one of the world’s lowest, the central bank said this week subdued external demand, business restructuring, a tighter foreign worker policy and an aging population have lowered labor demand and supply in recent years. A ManpowerGroup survey shows that the proportion of employers expecting to increase headcount is significantly below historical levels, and unemployment rates "may increase slightly this year," the central bank said.

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