Singapore Unemployment Rate

Singapore’s seasonally adjusted unemployment rate fell to 1.8% in Q3 of 2024 from 2.0% in the previous quarter, marking the lowest level since Q1 of 2023, a preliminary estimate showed. Retrenchment dropped to 2,900 from 3,270 in Q2. Lay-offs decreased or remained stable across sectors, with business reorganization/ restructuring remaining the top reason for retrenchment. Meanwhile, total employment grew by 2,400, more than double the growth of 11,300 in Q2, as both resident and non-resident employment rose at faster paces. Concurrently, employment among higher-skilled pass types was stable. Looking ahead, the city country's Ministry of Manpower said there may be a decline in hiring and wage expectations among companies in the following quarter, due to uncertainty in export-oriented sectors. Nevertheless, employment in Q4 is likely to expand further, and the labor market is expected to remain tight, supported by an anticipated year-end hiring for the festive period.