Did you notice from the newspaper reports and MOM data that our latest residential unemployment rate is 3.7%, which in my opinion is significantly higher than the overall unemployment rate at 2.6%?
If fact, if you study the MOM data, it has always been higher.
Why is this the case?
The only reason I can think of is that foreigners are better employed than Singapore residents.
But let’s not be xenophobic here.
A plausible explanation
I note that most foreigners have to leave the country if they lose their jobs unless they can get an extension on their employment pass. Hence the lower unemployment rate for the remaining foreigners. (Correct me if I’m wrong.)
Let’s also hope that our residential unemployment will not hit the 6.2% seen in 2003 – more than 1 in 20 residents were unemployed then.