The resident unemployment rate stood at 3.3% last September, according to MOM’s press release.
With 65,400 residents unemployed, the jobless rate is the highest since the 3.8% registered in March last year.
It seems MOM is still compiling the statistics for the fourth quarter – why is it taking so long when Hong Kong and Australia could already say their unemployment figures are 4% and 4.5% respectively?
But MOM did say “retrenchments in the fourth quarter reported to MOM and NTUC had risen significantly” and that “unemployment and retrenchment in 2009 are expected to be substantially higher than in 2008.”
Will our jobless rate surpass the 6.2% recorded in September 2003 during the SARS period? At that time, more than 100,000 residents were unemployed.