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Singapore Q4 Jobless Rate Confirmed at 2%
Singapore’s seasonally adjusted unemployment rate was confirmed at 2.0% in Q4 of 2023, the same as in Q3. Retrenchment fell to 3,460 from 4,110 in Q3, rattled by a drop in wholesale trade, which saw a surge in the prior quarter. Meanwhile, employment grew for the ninth straight quarter, up by 7,500, though the growth eased sharply from the prior period. This moderation was not unexpected as weaker hiring expectations and declining job vacancies from previous quarters pointed to a cooling labor demand. For the full year, the jobless rate fell to 1.9%, the lowest level since 2015. Total layoffs rose to 14,590 in 2023 from a record low of 6,440 in 2022 but were similar to pre-pandemic levels. Retrenchments rose in wholesale trade, information & communication, and electronics manufacturing. Meantime, employment growth slowed sharply to 88,400 from 227,800, due to weaker economic conditions. For 2024, forward-looking indicators suggest more employers have plans to hire or increase wages.
Published on 2024-03-15

Singapore Q4 Jobless Rate Stays at 2%
Singapore’s seasonally adjusted unemployment rate was at 2% in Q4 of 2023, the same as in Q3, a preliminary estimate showed. Retrenchment fell to 32,100 from 4,110 in Q3, driven by a drop in wholesale trade, which saw a surge in the prior quarter. Meanwhile, employment grew for the ninth straight quarter, up by 8,400, though the growth eased sharply. This moderation was not unexpected as weaker hiring expectations and declining job vacancies from previous quarters foreshadowed a cooling labor demand. For the whole year, the jobless rate fell to 1.9%, the lowest level since 2015. Total layoffs in 2023 rose to 14,320 from a record low of 6,440 in 2022, as retrenchments increased in wholesale trade, IT services, and electronics manufacturing. Meantime, employment growth slowed sharply to 89,400 from 227,800, due to weaker economic conditions. For 2024, forward-looking indicators suggest a continued rise in employment and better wage growth, on expected improvements in the economy.
Published on 2024-01-31

Singapore Q3 Jobless Rate Confirmed at 2%
Singapore’s seasonally adjusted unemployment rate was confirmed at 2.0% in Q3 of 2023, slightly up from an eight-year low of 1.9% in the previous period. Retrenchments rose to 4,110 from 3,200 in Q2, primarily due to reorganization or restructuring activities and business or cost concerns. Within sectors, a pronounced increase in retrenchments were notably recorded in the wholesale and trade industry, with the numbers increasing from 480 to 1,270. Total employment grew by 23,600, slowing from a 24,300 rise in Q2, as non-resident employment eased for the fourth consecutive period. In contrast, resident employment went up 2,800, reversing a prior 1,200 contraction, mainly driven by an increase in health & social services, financial & insurance services, and professional services. Meanwhile, the number of job vacancies declined for the sixth straight quarter to 78,400, and the ratio of job vacancies to unemployed persons fell to 1.58 from 1.94 in Q2.
Published on 2023-12-14

Singapore Jobless Rate Edges Up to 2% in Q3
Singapore’s seasonally adjusted unemployment rate inched up to 2.0% in Q3 of 2023 from 1.9% in the previous period, pointing to the highest level since the fourth quarter of 2022, a preliminary estimate showed. Retrenchment rose to 4.100 in Q3 from 3,200 in Q2, with the majority increase from wholesale trade, reflecting the weaker external outlook. Meanwhile, employment grew for the eighth consecutive quarter to 24 thousand, which was comparable to the previous quarter, amid the global economic slowdown. The rise was driven by residents and non-residents, with non-resident employment rising in construction, retail trade, food and beverage services, and administrative & support services. Meanwhile, resident employment increased in financial, professional, and health & social services.
Published on 2023-10-26

Singapore Q2 Jobless Rate Confirmed at 1.9%
Singapore’s seasonally adjusted unemployment rate was confirmed at 1.9% in Q2 of 2023, slightly up from 1.9% in the previous period which was the lowest figure in 8 years. Retrenchments fell to 3,200 from 3,820 in Q1, marking the first drop in 4 quarters, mainly due to information & communications and electronics manufacturing. Total employment growth slowed to 24,300 from 33,000 in Q1, as non-resident employment eased for the third straight quarter while resident employment shrank for the first time since Q2 2020. The decline in resident employment, which was largely due to seasonal effects in food & beverage services and retail trade sectors, is unlikely to persist in Q3 and Q4. The number of job vacancies fell to 87,900, down for the fifth quarter in a row from the peak of 126,000. The ratio of job vacancies to unemployed persons also dipped significantly for the second consecutive quarter to 1.94, although this was still significantly higher compared to the pre-pandemic level.
Published on 2023-09-14

Singapore Jobless Rate Edges Up in Q2
Singapore’s seasonally adjusted unemployment rate edged up to 1.9% in Q2 of 2023 from 1.8% in the previous period, a preliminary estimate showed. The number of laid-off workers declined to a pre-pandemic level of 3,200 from 3,820 in Q1. Retrenchment continued to be driven by services, particularly IT services; and wholesale trade. On the other hand, a substantial decline in retrenched workers was reported from manufacturing. At the same time, employment grew for the seventh consecutive quarter to 23,700, although the increase has moderated significantly. The rise was solely driven by non-residents, boosted by the construction sector, amid sustained demand for both public and private sector projects.
Published on 2023-07-27

Singapore Jobless Rate Confirmed at 8-Year Low
Singapore’s seasonally adjusted unemployment rate was confirmed at 1.8% in Q1 of 2023, down from 2.0% in the previous period and marking the lowest figure since Q1 of 2015. Retrenchments rose for the third consecutive quarter by 3,820 workers, up from a 2,990 increase in the prior quarter. The rise in retrenchments was mainly from electronics manufacturing, information & communication, and financial services amid the headwinds from the global electronics downturn, restructuring, and heightened volatility in the global financial market. Meanwhile, total employment grew for the sixth consecutive quarter, reaching 33,000. Although this expansion moderated compared to the 43,500 growth previously, it surpassed the level observed before the pandemic.
Published on 2023-06-15

Singapore Q1 Jobless Rate Falls to 8-Year Low of 1.8%
Singapore’s seasonally adjusted unemployment rate dropped to 1.8% in Q1 of 2023 from 2.0% in Q4, pointing to the lowest print since Q1 2015, flash data showed. Some 4,000 workers were laid off in Q1, up from 2,990 in Q4, comparable with levels in 2016 and 2017. All sectors, including manufacturing, construction, and services, saw rises in retrenchments, amid business restructuring as firms anticipate a slowdown in the economy. Meantime, total employment grew by 34,500 in Q1, rising for the sixth straight quarter while continuing to surpass its pre-pandemic level by 3.9%, with both resident and non-resident employment growth easing. Global headwinds contributed to a slowdown in the city's economy, which will weigh on labor demand going forward, particularly for outward-oriented sectors. Employment growth is likely to ease and remain uneven across sectors, and unemployment rates could edge up from their current lows.
Published on 2023-04-28

Singapore Jobless Rate Confirmed at 7-Year Low
Singapore’s seasonally adjusted unemployment rate was confirmed at 2.0% in the Q4 of 2022, the weakest reading since the Q1 of 2016 and edging lower from an upwardly revised 2.1% in the previous period. The number of laid-off employees rose to 2,990, more than double a record bottom of 830 in Q3 but above the quarterly range observed in 2019. The increase in retrenchments was mainly due to business restructuring, which occurred in the outward-oriented sectors such as information & communication, wholesale trade, and electronics manufacturing amid global headwinds. Total employment grew for the fifth consecutive quarter to 43,500, prompted by the food & beverage services and retail trade sector, as hiring rose for the festive season. For the whole of 2022, retrenchments totaled 6,440 while total employment added an unprecedented 227,800, as employers started to back-fill positions following the relaxation of borders in April 2022.
Published on 2023-03-15

Singapore Q4 Jobless Rate Down to Near 7-Year Low
Singapore’s seasonally adjusted unemployment rate edged lower to 2.0% in Q4 of 2022 from an upwardly revised 2.1% in Q3, pointing to the lowest print since Q1 2016, flash data showed. Some 3,000 workers were laid off in Q4, up sharply from 1,300 in Q3, but was within the quarterly range observed in 2019. The rise in retrenchments was due to rising cost pressures and uncertain economic conditions, mainly observed in electronics manufacturing, wholesale trade, and information. Total employment grew by 47,400 in Q4, up for the fifth straight quarter, buoyed by seasonal hiring during the holiday season. For the full 2022, the jobless rate fell to 2.1% from 2.7% in 2021. Total layoff in the year was at 6,450, lower than pre-pandemic levels, as retrenchments fell in services, while broadly similar in manufacturing and construction. Total employment rose by an unprecedented 231,700, driven by non-residents, as travel curbs were lifted in April 2022 and employers backfilled positions.
Published on 2023-01-31

Singapore Q3 Jobless Rate Confirmed at 6-Year Low
Singapore’s seasonally adjusted unemployment rate was at 2.0% in Q3 of 2022, matching the flash data while edging down from 2.1% in Q2. This was the lowest jobless rate since Q3 2016, as the economy fully reopened. Some 1,120 workers were laid off, up from Q2's s all-time low of 830, with retrenchments trending higher with restructuring in information & communications. Total employment grew by 75,900, higher than 66,500 in Q2, amid rises in both non-residents and residents. Some unevenness in employment growth may emerge in Q4, where tourism should see higher employment due to the festive season, while outward-facing sectors may experience subdued growth. Meantime, the number of job vacancies fell noticeably in Q3 (108,200), although it stayed higher than pre-pandemic levels. Re-entry into employment fell for the second straight quarter to 65% from 72% in Q1. This rate was slightly lower than that for the same period a year ago (66%) but remained above pre-pandemic levels.
Published on 2022-12-15

Singapore Q3 Jobless Rate Lowest in 6 Years
Singapore’s seasonally adjusted unemployment rate ticked down to 2.0% in Q3 of 2022 from 2.1% in Q2, advance data showed. This was the lowest jobless rate since Q3 2016, as the economy recovered further from COVID disruptions. Some 1600 workers were laid off in Q3, up from Q2's s all-time low of 830 but the latest print continues to be lower than the pre-COVID average. Retrenchments came from manufacturing, mainly due to the discontinuation of product lines; and services, mostly linked to reorganization/restructuring. Meanwhile, total employment grew by 75,600, continuing the strong growth from Q2 (66,500) while surpassing its pre-pandemic level by 1.7%. Singapore's ministry of manpower said that, in the coming months, a deteriorating global economic environment, higher global inflation, as well as geopolitical tensions could affect the labor market outlook. Some unevenness in employment growth may emerge across sectors.
Published on 2022-10-28

Singapore Q2 Jobless Rate Confirmed at Near 4-Year Low
Singapore’s seasonally adjusted unemployment rate was at 2.1% in Q2 of 2022, matching the flash figure and edging down from 2.2% in Q1. This was the lowest jobless rate since Q3 2018, as the economy recovered further from COVID disruptions. Some 990 workers were laid off in Q2, the lowest print on record, with retrenchments mainly falling in the manufacturing sector due to business reorganization and rising costs. Total employment grew by 66,500, way higher than 42,000 in Q1, as further easing of border restrictions enabled sectors with a higher share of non-residents to back-fill their positions. Meantime, resident employment rose steadily and was 4.2% above its pre-pandemic level. While the number of job vacancies eased, the labor market remained tight with the job vacancies to unemployed person ratio edging up alongside an improving unemployment situation. Re-entry into employment, meanwhile, fell to 66% from 72% in Q1 but was higher than the same period a year ago (64%).
Published on 2022-09-14

Singapore Q2 Jobless Rate Lowest in Near 4 Years
Singapore’s seasonally adjusted unemployment rate inched lower to 2.1% in Q2 of 2022 from 2.2% in Q1, flash data showed. This was the lowest jobless rate since Q3 2018, as the economy recovered further from COVID-19 disruptions. Some 1,000 workers were laid off in Q2, the lowest print on record, with retrenchments mainly falling in the manufacturing sector due to business reorganization. Total employment grew by 64,400 (or 1.9%), compared with Q1's figure of 42,000 (or 1.2%), as more residents found employment, and non-resident employment rebounded strongly following the significant relaxation of border restrictions from April 2022. While expecting the jobless rate to stay low going forward amid a tight labor market, the Singapore government mentioned that strong inflationary pressures and several external risks, including the ongoing Russia-Ukraine conflict and a resurgence of coronavirus in major economies, could dampen business sentiments and demand for manpower.
Published on 2022-07-29

Singapore Q1 Jobless Rate Confirmed at 2-1/2-Year Low
Singapore’s seasonally adjusted unemployment rate was at 2.2% in Q1 of 2022, matching the preliminary figure and falling from 2.4% in the prior period. This was the lowest reading since Q3 2019, as the economy recovered further from COVID-19 disruptions. Some 1,320 workers were laid off, the lowest print on record and compared with 1,500 in Q4. Manufacturing saw an increase in layoffs, led by those in the manufacture of fabricated metal products, machinery & equipment. These layoffs arose from product line discontinuation. Total employment grew by 42,000, compared with 47,900 in Q4, led by non-residents, as border restrictions were lifted. The inflows of non-resident workers are expected to rise further in the months ahead. Meantime, the six-month re-entry rate among retrenched residents rose to 72%, the highest since 2015, from 67% previously. The number of job vacancies rose to a new high, though the rate of increase has slowed from the prior quarter.
Published on 2022-06-17

Singapore Q1 Jobless Rate Falls to 2-1/2-Year Low
Singapore’s seasonally adjusted unemployment rate dropped to 2.2% in Q1 of 2022 from 2.4% in Q4, flash data showed. This was the lowest reading since Q3 2019, as the economy recovered further from COVID-19 disruptions. Some 1,300 workers were laid off, the lowest level on record, down from 1,500 in Q4, with the majority of the retrenchments coming from the service sector while manufacturing and construction saw a moderate rise in retrenchments. Meanwhile, total employment stood at 41,100, compared with 47,900 in Q4, with non-resident employment forming the bulk of the expansion due to a rise in work permit holders in the construction sector as border controls eased. In 2021, the jobless rate fell to 2.7% from 3% in 2020.
Published on 2022-04-28

Singapore Q4 Jobless Rate Lowest in 2 Years
Singapore’s seasonally adjusted unemployment rate was at 2.4% in Q4 2021, in line with the preliminary figure and after a final 2.6% in Q3. This was the lowest jobless rate since Q4 2019, as the economy recovered further from COVID-19 disruptions. Some 1,500 workers were laid off, down from 1,900 in Q3, with the majority of the retrenchments coming from the service sector, led by wholesale trade and financial services. Meanwhile, total employment climbed 47,900 after after two prior quarters of drop. In 2021, the jobless rate fell to 2.7% from 3% in 2020. Total layoff was 8,020, down sharply from 26,110 in 2020 as retrenchments fell in the services, manufacturing, and construction. Total employment rebounded by 41,400 after the sharp fall of 166,600 in 2020, on stronger resident employment growth which offset a smaller non-resident employment fall. The labor market remained tight, with the job vacancies to unemployed persons ratio up to 2.11 in December 2021 from 1.95 in September.
Published on 2022-03-14

Singapore Q4 Jobless Rate Lowest in 2 Years
Singapore’s seasonally adjusted unemployment rate fell to 2.4% in Q4 2021 from a final 2.6% in Q3, flash data showed. This was the lowest jobless rate since Q4 2019, as the economy recovered further from COVID-19 disruptions. Some 1,300 workers were laid off in Q4, down from 1,900 in Q3 with the majority of the retrenchments taking place in the service sector, mainly in wholesale trade and financial services. Meanwhile, total employment climbed 47,400 after falling 2,400 in Q3, amid broad-based rises across all industries. For full 2021, the jobless rate dropped to 2.6% from 3% in 2020. Total layoff in the year is expected to reach 7,820, down sharply from 26,110 a year earlier as retrenchments fell in the services, manufacturing, and construction sectors. Total employment saw an encouraging rebound of 40,800 after the sharp drop of 166,600 in 2020, attributed to the smaller non-resident employment fall and stronger resident employment growth.
Published on 2022-01-28

Singapore Q3 Jobless Rate Confirmed at 1-1/2-Year Low
Singapore’s seasonally adjusted unemployment rate was at 2.6% in Q3 2021, unrevised from the flash figure but down slightly from 2.7% in Q2. This was the lowest jobless rate since Q1 2020, amid the transition phase and easing pandemic curbs across the city-state. Some 1,900 workers were laid off, down from 2,340 in Q2, with the majority of the retrenchments mainly occurring in manufacturing. Fewer employees were placed on short work-week or temporary layoffs (4,060 vs 5,580 in Q2). Meanwhile, total employment fell less (-2,400 vs -3,400 in Q2), as resident employment grew strongly, particularly in outward-oriented industries such as information & communication, professional services, and financial services; while non-resident employment dropped at a pace similar to Q2 across most sectors, on persistent border restrictions. Meantime, job vacancies rose for the fifth straight quarter to 98,700 in Q3, with the ratio of job vacancies to unemployed persons rising to 2.09 from 1.63 in Q2.
Published on 2021-12-15

Singapore Q3 Jobless Rate Eases to 1-1/2-Year Low
Singapore’s seasonally adjusted unemployment rate edged lower to 2.6% in Q3 2021 from 2.7% in Q2, a preliminary figure showed. This was the lowest jobless rate since Q1 2020, amid a sustained economic recovery in the aftermath of the coronavirus crisis. Some 2,000 workers were laid off, down from 2,340 in Q2, with services continuing to account for the majority of the retrenchments, followed by manufacturing and construction. Total employment fell at a considerably slower pace (-3,400) than in Q2 (-16,300) as resident employment grew faster, particularly in outward-oriented industries such as professional services, information & communication, and financial services; while non-resident employment dropped at a pace similar to Q2 across most sectors, reflecting persistent border restrictions.
Published on 2021-10-29