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Singapore's jobless rate rose to a one-year high as firms slowed hiring amid choppy financial markets and a weakening global economy, and analysts warned that unemployment may climb in coming months.
The jobless rate rose to 2.3 percent in the April-June period after seasonal adjustments, compared to 2 percent in the previous quarter, the Ministry of Manpower said in preliminary data on Thursday.
Employment rose by 70,600 in the second quarter, slowing from a rise of 73,200 in the January-March period.
Economists said the rising jobless rate was evidence that the economic slowdown had extended beyond economic data and was spreading into the real economy, although Singapore's labour market is still expected to remain tight this year
- Source from Reuters
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Negative indication that there are more worst to come, first of Aug will be a bad day both for index and volume.