Singapore Unemployment Rate

Singapore’s seasonally adjusted unemployment rate stood at 1.9% in Q4 of 2024, keeping the same pace as in Q3 and remaining at its lowest since Q2 of 2023, a flash estimate showed. Retrenchment increased (3,600 vs 3,050 in Q3) but stayed around non-recession levels. Lay-offs rose in the manufacturing and services sectors but were relatively stable in construction. Total employment growth slowed sharply (8,700 vs 22,300), with resident and non-resident employment easing. Still, employment was higher than in Q4 of 2023 (3,900). For the full 2024, the jobless rate edged up to 2.0% from the prior 1.9%. Total lay-offs fell (12,930 vs 14,590), with no notable rises across sectors. Business restructuring was the main reason for lay-offs, rather than sectoral downturns or business closures. Meantime, employment growth slowed (45,500 vs 78,800), dragged by a sharp slowdown in non-resident employment. Total Employment for this year may ease further, due to global headwinds and market volatility.