Singapore Residents’ Income Growth Slows to 2.2% in 2019

(Bloomberg) -- Income growth in Singapore slowed sharply this year as the labor market softened, according to preliminary data from the Ministry of Manpower.

Real median income of full-time employed residents weakened to 2.2% in June 2019 from 4.4% in the same period last year, the ministry said in a statement Thursday.

Other key details of the report:

• In the five years through June 2019, income growth was 3.8% versus 1.9% in the previous five years
• Unemployment rate for professionals, managers, executives and technicians, or PMETs, remained steady at 2.9% in June 2019 from a year ago
• Jobless rate for non-PMETs rose to 4.7% from 4% in the period
• The data is based on a labor force survey conducted in the middle of the year, and a final report of the survey findings will be published in January

To contact the reporter on this story: Nasreen Seria in Singapore at nseria@bloomberg.net

To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Nasreen Seria, Niluksi Koswanage

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