Singapore's overall unemployment rate fell by 0.2% to 1.9% in August 2022 when compared to July 2022, according to data from the Ministry of Manpower.

When broken down, the resident unemployment fell monthly by 0.2% to 2.7%%, and the citizen unemployment rate also fell by 0.2% to 2.8%. The Ministry's data showed that 64,800 residents were unemployed in August, among whom 57,600 were citizens. This is the lowest level the unemployment rates have fallen to since March 2016. 

The Ministry warned of weaknesses ahead as economic conditions appear to have worsened. Striking a markedly different tone from the month before when it noted the ramp-up in recruitment activity owing to the rebound in travel.

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