Chart of the Day: Singapore labour market pressure down in 2017

This also reflected in the total unemployment rate, which fell from about 2.2% in H1 to 2.1% in H2.

This chart from the Monetary Authority of Singapore (MAS) showed how the slack in Singapore’s employment market continued to be absorbed.

As at the fourth quarter of 2017, MAS’ labour market pressure indicator continued to be on the negative area. The indicator’s reading increased to -0.30 points in Q4 from -0.35 points in Q3.

Singapore’s resident unemployment rate in the second half of 2017 (3%) is also lower than the figure in the first half of the year (3.1%). This also reflected in the total unemployment rate, which fell from about 2.2% in H1 to 2.1% in H2.

“The labour market has had a great run after favourable conditions through 2017,” Moody’s Analytics said.

Singapore is releasing figures for unemployment on 27 July. Moody’s Analytics forecasts Singapore's unemployment rate likely rose to 2.2% in the June quarter, following the 2% recorded in the March quarter.

“Singapore's economy slowed in the June quarter, and whilst the unemployment rate tends to be a lagged barometer of economic health, Singapore's labour market is relatively responsive, particularly given its outsized exposure to global conditions,” the analytics firm said.