More Singapore residents held jobs at the end of last year despite economic uncertainties, although employment growth slowed slightly, according to data by Ministry of Manpower.

The annual average unemployment rate for Singaporeans rose to 3.3 percent, up from 3 percent in 2018, according to data released by MOM. In 2019, retrenchments for the overall workforce were mildly lower at 10,700 compared to 10,730 in 2018.

At a media briefing, January 30, 2020, Manpower Minister Josephine Teo remarked that 2019’s employment rates “are a concern but they are not alarming”. Citizen and resident unemployment rates have been stable at approximately 3 percent for the past 10 years, she commented. However, from 2001 to 2009, due to shocks like the dot.com bubble, the Sars outbreak, and the 2009 global financial crisis, unemployment rates were elevated at approximately 4 to 5 percent.

Overall, there were 26,500 more residents in jobs in 2019 which is roughly 3 percent lower than 27,400 in 2018.

The employment of foreigners, excluding maids, was faster in 2019 at 28,700 compared to the growth in 2018 at 10,900.

Retrenchment in 2019 was 10,700, which was slightly lower than in 2018 at 10,703. However, the figures increased over quarter three and four of 2019.

MOM report also suggested that the construction sector saw fewer retrenchments compared to manufacturing and services where retrenchments were more over the full year.