Singapore’s seasonally adjusted unemployment rate dropped to 3.2% in Q4 0f 2020 from an over 16-year high of 3.6% in Q3, a preliminary estimate showed. Some 6,100 workers were laid off in Q4, down from 9,120 in Q3. It is the first time the number of retrenchments dipped after five straight quarters of growth. Meanwhile, total employment fell by 13,500 in Q4, amid a further decline in employment in both manufacturing and construction, largely due to reductions in non-resident work permit holders. For full 2020, the jobless rate rose to 3.0% from 2.3% in 2019, with the resident unemployment rising to 4.1% from 3.1%, while the citizen unemployment increasing to 4.2% from 3.3%. “The COVID-19 pandemic has a significant impact on the labor market in 2020. Although latest indicators point to a broad improvement, the labor market is still not back at pre-pandemic levels,” the Ministry Of Manpower said in a statement. source: Ministry of Manpower Singapore
Unemployment Rate in Singapore averaged 2.45 percent from 1986 until 2020, 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 February of 2021.
Unemployment Rate in Singapore is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Singapore to stand at 2.40 in 12 months time. In the long-term, the Singapore Unemployment Rate is projected to trend around 2.30 percent in 2022, according to our econometric models.