Singapore Unemployment Rate

Singapore’s seasonally adjusted unemployment rate was at 1.9% in Q4 2024, matching flash data and keeping the same pace as in Q3. It remained at its lowest reading since Q2 2023, even as retrenchments rose (3,680 vs. 3,050 in Q3) but stayed within non-recession levels. Layoffs went up in the financial and insurance sectors, due to rising costs. Total employment growth slowed sharply (7,700 vs. 22,300 in Q3), though it was higher than in Q4 of 2023 (3,900). Job vacancies rose to 77,500 from 61,500 in Q3. For the full year, the jobless rate edged up to 2.0% from 1.9% in 2023. Total layoffs fell (13,020 vs. 14,590 in 2023), with the incidence of retrenchment per 1,000 employees dropping to 5.9 from 6.7. Employment growth slowed sharply (45,500 vs. 78,800 in 2023), largely due to a sharp drop in non-resident employment. The labor market is expected to continue growing in the near term. However, if global trade tensions escalate and domestic economic growth slows, labor market could weaken.