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.

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Singapore Unemployment Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-03-15 02:30 AM Unemployment Rate Final Q4 2% 2.1% 2%
2023-04-28 02:30 AM Unemployment Rate Prel Q1 1.8% 2.0% 2.20%
2023-06-15 02:30 AM Unemployment Rate Final Q1 2.0% 1.8%


Related Last Previous Unit Reference
Unemployment Rate 1.80 2.00 percent Mar 2023
Employed Persons 3897.50 3643.50 Thousand Dec 2022

Singapore Unemployment Rate
In Singapore, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.
Actual Previous Highest Lowest Dates Unit Frequency
1.80 2.00 6.00 1.40 1986 - 2023 percent Quarterly
SA

News Stream
Singapore Q1 Jobless Rate Falls to 8-Year Low of 1.8%
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. Meantime, total employment grew by 34,500 in Q1, rising 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.
2023-04-28
Singapore Jobless Rate Confirmed at 7-Year Low
Singapore’s seasonally adjusted unemployment rate was confirmed at 2.0% in the Q4 of 2022, the weakest reading since the Q1 of 2016 and edging lower from an upwardly revised 2.1% in the previous period. The number of laid-off employees rose to 2,990, more than double a record bottom of 830 in Q3 but above the quarterly range observed in 2019. The increase in retrenchments was mainly due to business restructuring, which occurred in the outward-oriented sectors such as information & communication, wholesale trade, and electronics manufacturing amid global headwinds. Total employment grew for the fifth consecutive quarter to 43,500, prompted by the food & beverage services and retail trade sector, as hiring rose for the festive season. For the whole of 2022, retrenchments totaled 6,440 while total employment added an unprecedented 227,800, as employers started to back-fill positions following the relaxation of borders in April 2022.
2023-03-15
Singapore Q4 Jobless Rate Down to Near 7-Year Low
Singapore’s seasonally adjusted unemployment rate edged lower to 2.0% in Q4 of 2022 from an upwardly revised 2.1% in Q3, pointing to the lowest print since Q1 2016, flash data showed. Some 3,000 workers were laid off in Q4, up sharply from 1,300 in Q3, but was within the quarterly range observed in 2019. The rise in retrenchments was due to rising cost pressures and uncertain economic conditions, mainly observed in electronics manufacturing, wholesale trade, and information. Total employment grew by 47,400 in Q4, up for the fifth straight quarter, buoyed by seasonal hiring during the holiday season. For the full 2022, the jobless rate fell to 2.1% from 2.7% in 2021. Total layoff in the year was at 6,450, lower than pre-pandemic levels, as retrenchments fell in services, while broadly similar in manufacturing and construction. Total employment rose by an unprecedented 231,700, driven by non-residents, as travel curbs were lifted in April 2022 and employers backfilled positions.
2023-01-31