Singapore Unemployment Rate2022 Data - 2023 Forecast - 1986-2021 Historical

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.

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.

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.