According to preliminary figures released by the Ministry of Manpower on Monday, Singapore's unemployment rate remained unchanged in the last quarter of 2024. The seasonally adjusted unemployment rate was consistent at 1.9% in the fourth quarter, mirroring the rate from the previous quarter.
The data further indicated a deceleration in total employment growth, which dropped from 22,300 in the third quarter to 8,700 in the fourth quarter. Nonetheless, this figure was an improvement over the 3,900 recorded in the same period the previous year. The growth in employment for both residents and non-residents experienced a slowdown compared to the third quarter.
For the entire year of 2024, the unemployment rate averaged 2.0%, a slight increase from the 1.9% recorded in 2023. Meanwhile, overall employment growth for the year reached 45,000, down from 78,800 in 2023.
