Financial News: Singapore Q4 Jobless Rate Confirmed At 1.9%

Singapore Q4 Jobless Rate Confirmed At 1.9%

03/19/2025 - 03:40:00 (RTTNews)

(RTTNews) - Singapore's unemployment rate held steady as initially estimated in the final quarter of 2024, the latest data from the Ministry of Manpower showed on Wednesday.

The seasonally adjusted jobless rate stood at 1.9 percent in the fourth quarter, the same as in the previous quarter. That was in line with the flash data published on January 27.

The resident unemployment rate was 2.8 percent, up from 2.6 percent in the third quarter, and the citizen jobless rate climbed to 2.9 percent from 2.7 percent.

During the year 2024, the overall unemployment rate was 2.0 percent versus 1.9 percent in 2023.

Data also showed that the labor market continued to expand in 2024 on the back of strong economic performance and positive business sentiments. Total employment grew by 44,500 amid increases in both resident and non-resident employment.

The unemployment rate for December was 1.9 percent, and the resident long-term unemployment rate remained low and stable at 0.8 percent.

The Singapore economy is projected to expand by 1.0 percent to 3.0 percent in 2025, slower than the 4.4 percent growth recorded in 2024 due to ongoing global trade frictions and potential disruptions to the global disinflation process, the ministry said.

Against this backdrop, the ministry expects the labor market to continue to expand in 2025, at least in the first quarter of 2025.

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