By Kevin Varley

(Bloomberg) — Singapore’s third-quarter overall unemployment rate declined to 2% amid signs of slowing momentum in the labor market, according to the Ministry of Manpower.

“In the coming months, a deteriorating global economic environment, higher global inflation, as well as geopolitical tensions, will impact the labor market,” the ministry said in a report Friday. Trade-reliant sectors like manufacturing could see subdued employment growth, while demand in tourism and consumer-related sectors is seen to remain robust.

Some 75,600 jobs were added last quarter, primarily in construction and manufacturing — sectors associated with non-resident workers. The unemployment rate for Singapore citizens and residents picked up to 3.1% and 2.9%, respectively.

• Singapore’s 3Q seasonally adjusted overall jobless rate at 2%; est. 1.9%

• Singapore’s 3Q seasonally adjusted citizen unemployment rate at 3.1%

• NOTE: Singapore resident jobless rate was 2.8% in 2Q

• NOTE: Singapore seasonally adjusted overall jobless rate was 2.1% in 2Q

Note 1: Figures for the latest quarter are preliminary. The seasonally adjusted unemployment rate time series has been revised using a latest set of seasonal factors updated in line with standard adjustment procedure. The revision is done annually at the start of the year, taking into account observations for the latest available year.

Note 2: Prior quarters’ figures are taken from earlier releases and may be revised.

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