Singapore’s unemployment rate remains low

In May, the overall unemployment rate was 2.2%. The rate for resident unemployment was 3.0%, while that for citizen unemployment was 3.1%, according to the Ministry of Manpower’s (MOM) monthly unemployment report. 

Among the 72,300 residents unemployed in May, 64,700 were citizens, said MOM. These figures are slightly lower than April’s numbers, where there were 64,800 citizens among the 72,400 unemployed residents. 

The ministry said unemployment rates are expected to stay low, amid a tight labour market and high levels of vacancies, with the likelihood of a downturn in Singapore deemed low.

In June, MOM reported that job vacancies in the country rose to a new high in the first quarter of this year to 128,100 in March, though the rate of increase, at 9%, was slower compared to the last quarter of 2021.

Unemployment rates have been easing after peaking in October 2020, with the overall rate at 3.6% then. The rate has been falling in a fairly linear fashion since.

But MOM also warned that the global economy is facing “significant headwinds” that could “impact business decisions”. 

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This includes the global economic slowdown and strong inflationary pressures, and they could be exacerbated by the ongoing Russia-Ukraine conflict and COVID-19 pandemic in economies such as China, according to The Business Times.