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Economy

Singapore unemployment hits 7-year high in Q1 as economy sheds jobs

Rising jobless rate partly due to structural changes, minister says

SINGAPORE (Nikkei Markets) -- Unemployment in Singapore rose to a seven-year high in the first quarter of 2017 as construction industry jobs shrank, underlining the patchy economic recovery.

Flash estimates released by the Ministry of Manpower on Friday showed overall unemployment stood at a seasonally adjusted 2.3% at the end of the first quarter, up from 2.2% at the end of December. The rate was the highest since 2009, when the city-state was still reeling from the impact of the global financial crisis.

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