Singapore’s unemployment rates decline further in Feb; expected to fluctuate at pre-Covid levels

SINGAPORE’S unemployment rate returned to pre-pandemic levels in February and is expected to fluctuate around this level depending on the prevailing economic situation, said the Ministry of Manpower (MOM) on Thursday (April 7).

“The high number of vacancies could bring rates down further, but at the same time, the downside risks in the global economy have increased,” the ministry said in its monthly report on the unemployment situation here.

“Protracted supply chain disruptions and higher energy prices could affect business sentiments and profitability,” it added.

The overall unemployment rate declined again in February to 2.1 per cent, from 2.3 per cent a month ago.

Resident unemployment fell to 3 per cent, from 3.1 per cent previously, while citizen unemployment nudged down slightly to 3.2 per cent, from 3.3 per cent a month ago.

There were 71,700 residents who were unemployed in February, of which 65,000 were citizens.

MOM began releasing monthly unemployment rates during the pandemic, for August 2020 onwards. Previously, they were released only on a quarterly basis.

The unemployment rates for February were around the quarterly average unemployment rates in 2018/2019, which was 2.2 per cent at the overall level; 3 per cent among residents; and 3.2 per cent among citizens.