Chart of the day: Unemployment rates falls in August

Ministry of Manpower warns of a slowdown in labour market activity.

This chart from the Ministry of Manpower shows the unemployment rates in August dropping from last month.

Citizen unemployment rates fell from 3% in July to 2.8% in August whilst resident unemployment rates dropped from 2.9% to 2.7% MoM. Overall unemployment rates slowed to 1.9% in August compared to 2.1% in July.

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“While unemployment rates are currently lower than pre-pandemic levels4, the increased risk of a slowdown amidst contraction of manufacturing activity, soaring inflation and interest rate hikes could dampen labour market activity,” the Ministry of Manpower said.

The labour force survey covers private households in Singapore, excluding workers living in construction worksites, dormitories and workers’ quarters at the workplace and persons commuting from abroad to work in Singapore.

Estimates of the total labour force are derived by combining data on residents obtained from the survey with nonresident employment data compiled from administrative records.