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Singapore Unemployment Rate
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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 surging 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.
source:
Ministry of Manpower Singapore
Unemployment Rate in Singapore increased to 2 percent in the third quarter of 2023 from 1.90 percent in the second quarter of 2023.Unemployment Rate in Singapore averaged 2.43 percent from 1986 until 2023, reaching an all time high of 6 percent in the first quarter of 1986 and a record low of 1.40 percent in the second quarter of 1990.
This page provides the latest reported value for – Singapore Unemployment Rate – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.Singapore Unemployment Rate – data, historical chart, forecasts and calendar of releases – was last updated on December of 2023.
Unemployment Rate in Singapore increased to 2 percent in the third quarter of 2023 from 1.90 percent in the second quarter of 2023.Unemployment Rate in Singapore is expected to be 2.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.In the long-term, the Singapore Unemployment Rate is projected to trend around 2.50 percent in 2024 and 2.40 percent in 2025, according to our econometric models.
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source: tradingeconomics.com
Width
Height
Preview
Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-10-26
03:30 AM
Unemployment Rate Prel
Q3
2%
1.9%
1.9%
2023-12-14
02:30 AM
Unemployment Rate Final
Q3
2.0%
1.9%
2.0%
2024-01-31
02:30 AM
Unemployment Rate Prel
Q4
2%
Related
Last
Previous
Unit
Reference
Unemployment Rate
2.00
1.90
percent
Sep 2023
Employed Persons
3897.50
3643.50
Thousand
Dec 2022
Singapore Unemployment Rate
In Singapore, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.
Actual
Previous
Highest
Lowest
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Unit
Frequency
2.00
1.90
6.00
1.40
1986 – 2023
percent
Quarterly
SA
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Unemployment Rate by Country
News Stream
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.
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.
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.
2023-09-14
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