Singapore Unemployment Rate

Singapore’s seasonally adjusted unemployment rate was at 1.9% in Q3 2024, compared with flash data of 1.8% and 2.0% in Q2. It was the lowest jobless rate since Q2 2023, driven by a fall in retrenchment (3,050 vs 3,270 in Q2) following an improved outlook on external demand. Lay-offs mainly fell in manufacturing and financial services. Meanwhile, total employment grew by 22,300, near double the 11,300 gain in Q2, with rises in resident and non-resident employment. Resident employment grew in outward-oriented sectors while the hiring of Work Permit holders in construction and manufacturing boosted non-resident employment. Meantime, job vacancies fell to 63,400 from the prior 81,200. The government expects the labor market in 2024 to outperform 2023, due to a further rise in employment and rising wages. It also anticipates more job vacancies to be filled. Over time, the number of job vacancies and the job vacancies-to-unemployed-persons ratio are expected to return to pre-pandemic levels.