Singapore’s seasonally adjusted unemployment rate was at 3.3% in Q4 of 2020, compared with the preliminary reading of 3.2% and 3.6% in Q3. Some 5,640 workers were laid off in Q4, down from 9,120 in Q3. It is the first time the number of retrenchments dipped after five straight quarters of growth. Meanwhile, total employment fell by 7,900 in Q4. For full 2020, the jobless rate rose to 3.0%, the highest in a decade, from 2.3% in 2019, with the resident unemployment rising to 4.1% from 3.1%, while the citizen jobless rate increasing to 4.2% from 3.3%. The number of retrenchments was 26,110 in 2020, more than double of 2019 when they stood at 10,690. The Singapore economy is expected to see a gradual recovery over the course of the year, although the pace of recovery is likely to be uneven across sectors," the Ministry of Manpower said. source: Ministry of Manpower Singapore
Unemployment Rate in Singapore averaged 2.45 percent from 1986 until 2020, 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 April 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.