Singapore’s seasonally adjusted unemployment rate ticked down to 2.0% in Q3 of 2022 from 2.1% in Q2, advance data showed. This was the lowest jobless rate since Q3 2016, as the economy recovered further from COVID disruptions. Some 1600 workers were laid off in Q3, up from Q2's s all-time low of 830 but the latest print continues to be lower than the pre-COVID average. Retrenchments came from manufacturing, mainly due to the discontinuation of product lines; and services, mostly linked to reorganization/restructuring. Meanwhile, total employment grew by 75,600, continuing the strong growth from Q2 (66,500) while surpassing its pre-pandemic level by 1.7%. Singapore's ministry of manpower said that, in the coming months, a deteriorating global economic environment, higher global inflation, as well as geopolitical tensions could affect the labor market outlook. Some unevenness in employment growth may emerge across sectors. source: Ministry of Manpower Singapore
Unemployment Rate in Singapore averaged 2.45 percent from 1986 until 2022, 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 December of 2022.
Unemployment Rate in Singapore is expected to be 2.30 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 2.20 percent in 2023, according to our econometric models.