Singapore employers expanded payrolls for a third straight quarter as faster economic growth prompted companies to increase hiring at casinos and factories.
The seasonally adjusted unemployment rate fell to 2.2 percent in the three months ended March from a revised 2.3 percent the previous quarter, the Ministry of Manpower said yesterday.
The median estimate in a Bloomberg News survey of six economists was for a jobless rate of 2.1 percent.
Singapore added an estimated 34,000 new jobs last quarter.
The prospect of better wages is prompting more Singaporeans to enter the labor force as the US$182 billion economy grew an annualized 32.1 percent in the first quarter from the previous three months.
Rising job creation may fuel consumer spending and boost services, helping the economy achieve the government’s growth forecast this year of as much as 9 percent.
Singapore’s second casino-resort, run by Las Vegas Sands Corp, opened on Tuesday last week, about two months after the opening of Genting Singapore PLC’s casino. Hiring by the resorts has boosted employment by the services industry, which added 31,200 jobs last quarter.
The manufacturing industry added 3,400 jobs in the first quarter, while construction companies shed 800 workers, the report showed.
The Singaporean economy added 37,600 new positions last year. Job creation is likely to pick up this year as the expanding economy boosts hiring sentiment among companies, the central bank said in a report this week.
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