Singapore’s seasonally adjusted unemployment rate jumped to 3.6 percent in the third quarter of 2020 from 2.8 percent in the previous period and in line with the preliminary estimate. This was the highest jobless rate since the June quarter of 2004, as the COVID-19 crisis took a huge toll on the economy. Some 9,120 workers were laid off in Q3, compared with 8,130 in Q2; while the number of job vacancies rose for the first time this year. The Ministry of Manpower said the uncertainty in the economy and weak demand conditions will weigh on the recovery of the labor market. To ease the burden of workers, the government has launched the $1 billion Jobs Growth Incentive which provides up to 50% salary support for eligible new local hires from September 2020 to February 2021. source: Ministry of Manpower Singapore
Unemployment Rate in Singapore averaged 2.44 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 January of 2021.
Unemployment Rate in Singapore is expected to be 3.50 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 2.80 in 12 months time. In the long-term, the Singapore Unemployment Rate is projected to trend around 2.40 percent in 2021 and 2.30 percent in 2022, according to our econometric models.