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Singapore’s seasonally adjusted unemployment rate was revised slightly lower to 2% in the first quarter of 2025 from an initial estimate of 2.1%, compared to 1.9% in the previous quarter. Still, this marked the highest jobless rate in a year, amid slowing economic activity and ongoing trade uncertainty. Retrenchments slightly dropped (3,590 vs 3,680 in Q4), with most sectors seeing stable or lower levels of layoffs. Meanwhile, total employment growth eased sharply (2,400 vs 7,700 in Q4), as both resident and non-resident employment continued to rise but at a slower pace. Looking ahead, the near-term global economic outlook remains uncertain, although Singapore’s external demand prospects have improved slightly, given that major economies have taken steps to de-escalate global trade tensions.