Singapore’s seasonally adjusted unemployment rate dropped to 1.8% in Q1 of 2023 from 2.0% in Q4, pointing to the lowest print since Q1 2015, flash data showed. Some 4,000 workers were laid off in Q1, up from 2,990 in Q4, comparable with levels in 2016 and 2017. All sectors, including manufacturing, construction, and services, saw rises in retrenchments, amid business restructuring as firms anticipate a slowdown in the economy. Total employment grew by 34,500 in Q1, up for the sixth straight quarter, while continuing to surpass its pre-pandemic level by 3.9% with both resident and non-resident employment growth easing. Global headwinds contributed to a slowdown in the city's economy, which will weigh on labor demand going forward, particularly for outward-oriented sectors. Employment growth is likely to ease and remain uneven across sectors, and unemployment rates could edge up from their current lows. source: Ministry of Manpower Singapore
Unemployment Rate in Singapore averaged 2.44 percent from 1986 until 2023, reaching an all time high of 6.00 percent in the first quarter of 1986 and a record low of 1.40 percent in the second quarter of 1990. This page provides the latest reported value for - Singapore Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Singapore Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
Unemployment Rate in Singapore is expected to be 1.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Unemployment Rate is projected to trend around 2.50 percent in 2024 and 2.40 percent in 2025, according to our econometric models.