Singapore Unemployment Rate

Singapore’s seasonally adjusted unemployment rate was at 2.0% in Q2 of 2024, aligning with flash data while edging down from the highest level in 1-1/2 years of 2.1% in Q1. Retrenchment stayed low, despite rising slightly (3,270 vs 3,030 in Q1) amid business reorganisation. Meanwhile, employment jumped (11,300 vs 4,700) as economic activity continued, with higher productivity seen among financial & insurance services, information & communications and professional services. Labour demand remained firm, as the number of job vacancies stabilized (at 81,200) after rising in Q1. Meanwhile, the ratio of job vacancies to unemployed persons rose to 1.67 in Q2 from the previous 1.56. The government expects labour market momentum to be sustained going forward, with wages and employment expanding further. That said, resident employment growth is projected to be more muted compared to non-resident employment growth, due to the country's consistently high resident labour force participation rate.