Singapore’s seasonally adjusted unemployment rate fell to 2.9% in Q1 2021 from 3.3% in Q4, in line with the preliminary reading. This was the lowest jobless rate in three quarters, as a recovery in the economy from the pandemic gained steam. Some 2,270 workers were laid off in Q1, down from 5,640 in Q4, reflecting the second straight quarter of fall since the number of retrenchments peaked in Q3 2020. Total employment grew 12,200 after four consecutive quarters of drop, mainly supported by resident employment growth. Employment in the services sector led the gains, while those in construction saw muted growth, and manufacturing employment shrank. The number of job vacancies went up to 68,400, the most in six years. Meantime, the ratio of job vacancies to unemployed persons rose to 0.96 from 0.75 in Q4. The labor market is still not fully back to pre-COVID-19 levels, with the latest curbs are expected to weigh on the recovery in Q2. source: Ministry of Manpower Singapore
Unemployment Rate in Singapore averaged 2.45 percent from 1986 until 2021, reaching an all time high of 6 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 July of 2021.
Unemployment Rate in Singapore is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Singapore to stand at 2.60 in 12 months time. In the long-term, the Singapore Unemployment Rate is projected to trend around 2.50 percent in 2022 and 2.20 percent in 2023, according to our econometric models.