Singapore’s Unemployment Rate Holds Steady at 2.00% in November 2025
Key Takeaways: Singapore’s unemployment rate remained unchanged at 2.00% in November 2025, matching both market expectations and October’s reading. This stability follows a period of modest fluctuations earlier in the year, reflecting resilient labor market conditions amid global uncertainties. The steady rate signals balanced labor demand and supply, though external risks and evolving structural trends warrant close monitoring.
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Singapore’s unemployment rate for November 2025 was released on December 12, 2025, showing a steady 2.00% rate, unchanged from October 2025. This figure aligns with the Sigmanomics database consensus and reflects a stable labor market in the city-state. The rate has hovered around this level since mid-2025, after a slight uptick to 2.10% in April 2025 from a low of 1.90% earlier in the year.
Drivers this month
- Steady demand in services and manufacturing sectors.
- Moderate hiring in finance and technology industries.
- Ongoing government support for workforce reskilling.
Policy pulse
The unemployment rate remains within the Monetary Authority of Singapore’s (MAS) comfort zone, supporting the current neutral monetary stance. Inflation pressures have eased slightly, allowing MAS to maintain steady policy settings without immediate tightening.
Market lens
Following the release, the SGD/USD pair showed minor appreciation, reflecting confidence in Singapore’s economic resilience. Short-term government bond yields remained stable, indicating steady financial conditions.
Singapore’s core macroeconomic indicators continue to paint a picture of steady growth and labor market resilience. GDP growth for Q3 2025 was revised slightly upward to 2.80% year-on-year, supported by robust exports and domestic demand. Inflation moderated to 2.30% in November, easing cost pressures on households and firms.
Monetary Policy & Financial Conditions
The MAS has kept its policy stance unchanged since October 2025, citing stable inflation and labor market conditions. Financial conditions remain accommodative, with the Singapore Interbank Offered Rate (SIBOR) steady at 3.20%. Credit growth remains moderate, supporting business investment without overheating risks.
Fiscal Policy & Government Budget
The government’s fiscal stance remains expansionary, with ongoing investments in infrastructure and digital transformation. The 2025 budget surplus narrowed slightly to 1.50% of GDP, reflecting increased spending on social programs and workforce development initiatives aimed at mitigating structural unemployment risks.
Historical Comparisons
- November 2025: 2.00%
- October 2025: 2.00%
- September 2025: 2.00%
- April 2025 peak: 2.10%
- January & March 2025 lows: 1.90%
- 12-month average (Dec 2024–Nov 2025): 1.98%
This chart highlights Singapore’s labor market resilience amid global uncertainties. The unemployment rate’s stability around 2.00% signals effective policy support and balanced economic growth. However, the slight elevation from early 2025 lows suggests vigilance is needed as external shocks and structural shifts continue to evolve.
Market lens
Immediate reaction: SGD/USD appreciated 0.10% post-release, reflecting confidence in Singapore’s economic fundamentals. Short-dated government bonds remained stable, while equity markets showed mild gains in financial and industrial sectors.
Looking ahead, Singapore’s unemployment rate is likely to remain near current levels, barring significant external shocks. The labor market benefits from ongoing government initiatives targeting skills upgrading and workforce adaptability. However, global geopolitical tensions and supply chain disruptions pose downside risks.
Bullish Scenario (30% probability)
- Global trade stabilizes, boosting export demand.
- Technology and finance sectors expand hiring.
- Unemployment rate dips below 1.90% by Q2 2026.
Base Scenario (50% probability)
- Moderate global growth with manageable inflation.
- Labor market remains stable around 2.00%.
- MAS maintains current monetary policy stance.
Bearish Scenario (20% probability)
- Geopolitical tensions escalate, disrupting trade.
- Inflation spikes, forcing monetary tightening.
- Unemployment rises above 2.20% in early 2026.
Structural & Long-Run Trends
Singapore’s labor market faces long-term challenges from automation, demographic shifts, and evolving skill demands. The government’s proactive reskilling programs and digital economy investments aim to mitigate structural unemployment. Monitoring these trends will be critical for sustaining low unemployment rates over the next decade.
In summary, Singapore’s unemployment rate for November 2025 remained steady at 2.00%, reflecting a balanced labor market amid moderate economic growth and manageable inflation. The data from the Sigmanomics database confirms a resilient employment environment supported by sound fiscal and monetary policies. However, external risks and structural changes require ongoing vigilance. Policymakers and investors should watch for shifts in global trade dynamics and domestic labor market adaptations as key determinants of future unemployment trends.
Key Markets Likely to React to Unemployment Rate
The unemployment rate is a critical gauge of economic health that influences multiple asset classes. Singapore’s labor market stability typically supports the Singapore dollar and local equities, while also affecting regional bond yields. Below are five tradable symbols from the Sigmanomics database that historically track or react to Singapore’s unemployment dynamics:
- STI – Singapore’s benchmark stock index, sensitive to domestic economic conditions and labor market trends.
- SGDUSD – The Singapore dollar versus US dollar pair, reflecting investor confidence tied to economic fundamentals.
- USDSGD – The inverse currency pair, often moving inversely to SGDUSD.
- BTCUSD – Bitcoin’s price can reflect risk sentiment shifts influenced by macroeconomic data releases.
- DBS – Singapore’s largest bank, whose earnings and stock price correlate with economic and labor market health.
Since 2020, the STI index has shown a positive correlation with Singapore’s unemployment rate fluctuations. Periods of rising unemployment generally coincide with STI corrections, while stable or falling unemployment supports equity gains. This relationship underscores the importance of labor market data for equity investors.
FAQs
- What does Singapore’s unemployment rate indicate about its economy?
- Singapore’s unemployment rate reflects labor market health and economic stability, with low rates indicating strong demand for workers and economic resilience.
- How does the unemployment rate affect Singapore’s monetary policy?
- The MAS monitors unemployment alongside inflation to guide policy. Stable unemployment supports a neutral stance, while rising rates may prompt easing to stimulate growth.
- Why is the unemployment rate important for investors?
- Unemployment data influences currency strength, equity valuations, and bond yields, serving as a key indicator of economic momentum and risk sentiment.
Key takeaway: Singapore’s labor market remains resilient with a steady 2.00% unemployment rate in November 2025, supported by balanced macro policies and cautious optimism amid global uncertainties.
Singapore’s unemployment rate held firm at 2.00% in November 2025, unchanged from October’s 2.00% and slightly above the 12-month average of 1.98%. This stability follows a brief rise to 2.10% in April 2025 and a low of 1.90% in January and March 2025.
The steady reading suggests a balanced labor market, with neither significant slack nor overheating. The rate’s persistence near 2.00% indicates that structural adjustments and external headwinds have so far been absorbed without major disruptions.