Singapore’s seasonally adjusted unemployment rate was confirmed at 2.0% in Q4 of 2023, the same as in Q3. Retrenchment fell to 3,460 from 4,110 in Q3, driven by a drop in wholesale trade, which saw a surge in the prior quarter. Meanwhile, employment grew for the ninth straight quarter, up by 7,500, though the growth eased sharply from the prior period. This moderation was not unexpected as weaker hiring expectations and declining job vacancies from previous quarters pointed to a cooling labor demand. For the full year, the jobless rate fell to 1.9%, the lowest level since 2015. Total layoffs rose to 14,590 in 2023 from a record low of 6,440 in 2022 but were similar to pre-pandemic levels. Retrenchments rose in wholesale trade, information & communication, and electronics manufacturing. Meantime, employment growth slowed sharply to 88,400 from 227,800, due to weaker economic conditions. For 2024, forward-looking indicators suggest more employers have plans to hire or increase wages. source: Ministry of Manpower Singapore

Unemployment Rate in Singapore remained unchanged at 2 percent in the fourth quarter of 2023 from 2 percent in the third quarter of 2023. Unemployment Rate in Singapore averaged 2.43 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 April of 2024.

Unemployment Rate in Singapore remained unchanged at 2 percent in the fourth quarter of 2023 from 2 percent in the third quarter of 2023. Unemployment Rate in Singapore is expected to be 2.20 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 2.40 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-31 02:30 AM Unemployment Rate Prel Q4 2% 2% 2%
2024-03-15 01:45 AM Unemployment Rate Final Q4 2% 2% 2.0%
2024-04-29 02:30 AM Unemployment Rate Prel Q1 2% 2.20%


Related Last Previous Unit Reference
Average Weekly Hours 44.10 44.20 Hours Dec 2022
Employed Persons 4000.70 3893.60 Thousand Dec 2023
Employment Change 11.60 29.20 Thousands Person Dec 2023
Job Vacancies 78300.00 78100.00 Dec 2023
Labor Force Participation Rate 70.00 70.50 percent Dec 2022
Labour Costs 118.80 111.00 points Dec 2023
Population 5.64 5.45 Million Dec 2022
Productivity 118.80 111.00 points Dec 2023
Retirement Age Men 63.00 63.00 Years Dec 2024
Retirement Age Women 63.00 63.00 Years Dec 2024
Unemployed Persons 96.00 98.00 Thousand Dec 2023
Unemployment Rate 2.00 2.00 percent Dec 2023
Wages 6792.00 6153.00 SGD/Month Dec 2023

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
2.00 2.00 6.00 1.40 1986 - 2023 percent Quarterly
SA

News Stream
Singapore Q4 Jobless Rate Confirmed at 2%
Singapore’s seasonally adjusted unemployment rate was confirmed at 2.0% in Q4 of 2023, the same as in Q3. Retrenchment fell to 3,460 from 4,110 in Q3, rattled by a drop in wholesale trade, which saw a surge in the prior quarter. Meanwhile, employment grew for the ninth straight quarter, up by 7,500, though the growth eased sharply from the prior period. This moderation was not unexpected as weaker hiring expectations and declining job vacancies from previous quarters pointed to a cooling labor demand. For the full year, the jobless rate fell to 1.9%, the lowest level since 2015. Total layoffs rose to 14,590 in 2023 from a record low of 6,440 in 2022 but were similar to pre-pandemic levels. Retrenchments rose in wholesale trade, information & communication, and electronics manufacturing. Meantime, employment growth slowed sharply to 88,400 from 227,800, due to weaker economic conditions. For 2024, forward-looking indicators suggest more employers have plans to hire or increase wages.
2024-03-15
Singapore Q4 Jobless Rate Stays at 2%
Singapore’s seasonally adjusted unemployment rate was at 2% in Q4 of 2023, the same as in Q3, a preliminary estimate showed. Retrenchment fell to 32,100 from 4,110 in Q3, driven by a drop in wholesale trade, which saw a surge in the prior quarter. Meanwhile, employment grew for the ninth straight quarter, up by 8,400, though the growth eased sharply. This moderation was not unexpected as weaker hiring expectations and declining job vacancies from previous quarters foreshadowed a cooling labor demand. For the whole year, the jobless rate fell to 1.9%, the lowest level since 2015. Total layoffs in 2023 rose to 14,320 from a record low of 6,440 in 2022, as retrenchments increased in wholesale trade, IT services, and electronics manufacturing. Meantime, employment growth slowed sharply to 89,400 from 227,800, due to weaker economic conditions. For 2024, forward-looking indicators suggest a continued rise in employment and better wage growth, on expected improvements in the economy.
2024-01-31
Singapore Q3 Jobless Rate Confirmed at 2%
Singapore’s seasonally adjusted unemployment rate was confirmed at 2.0% in Q3 of 2023, slightly up from an eight-year low of 1.9% in the previous period. Retrenchments rose to 4,110 from 3,200 in Q2, primarily due to reorganization or restructuring activities and business or cost concerns. Within sectors, a pronounced increase in retrenchments were notably recorded in the wholesale and trade industry, with the numbers increasing from 480 to 1,270. Total employment grew by 23,600, slowing from a 24,300 rise in Q2, as non-resident employment eased for the fourth consecutive period. In contrast, resident employment went up 2,800, reversing a prior 1,200 contraction, mainly driven by an increase in health & social services, financial & insurance services, and professional services. Meanwhile, the number of job vacancies declined for the sixth straight quarter to 78,400, and the ratio of job vacancies to unemployed persons fell to 1.58 from 1.94 in Q2.
2023-12-14