Global Job Growth Slows Amid Trade Tensions

Labor markets in Brazil, the US, and Singapore all showed signs of slowing job growth in early 2025 amid heightened economic uncertainty and global trade tensions. In Brazil, formal job creation in March was weaker than in previous years, influenced by fewer business days and the timing of Carnival, although a new payroll-deductible loan initiative has benefited nearly 1.6 million workers. The US saw private sector hiring in April slow to 62,000 jobs, the lowest since July 2024, as companies responded to President Trump's tariffs and wage growth moderated. Singapore's total employment growth in Q1 2025 slowed to 2,300, with the unemployment rate edging up to 2.9%, primarily due to weaker hiring in outward-oriented sectors affected by global trade conflicts. Despite softer business sentiment, Singapore's retrenchments declined compared to the previous quarter, and unemployment rates remain within the non-recessionary range. Across all three countries, global economic conditions continue to weigh on hiring plans and business confidence.