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Singapore’s seasonally adjusted unemployment rate rose to 2.1% in Q1 2025, up from 1.9% in the previous three quarters, according to a flash estimate. This marked the highest jobless rate in a year, driven by slowing economic activity and escalating global trade tensions. Retrenchments slightly fell (3,300 vs 3,680 in Q4), with most sectors seeing stable or lower lay-offs. Business reorganization or restructuring remained the leading cause of retrenchments. Meanwhile, total employment growth slowed significantly (2,300 vs 7,700 in Q4) and 3,200 in Q1 2024, as both resident and non-resident employment eased. The decline in employment, especially in export-oriented sectors, indicated a shift in labor market dynamics. Looking ahead, the worsening economic outlook is expected to impact firms’ hiring and wage expectations. Forward-looking polls by the government in March found that business moods became more cautious, compared to the more optimistic view in December 2024.