RESIDENT employment in Singapore rose by 4,000 in Q3, reversing from a seasonal decline in Q2, driven by strong hiring in outward-oriented sectors such as information and communications, professional services, and financial services.
Non-resident employment rose by 18,200, primarily due to the hiring of work-permit holders in construction and manufacturing, based on the Ministry of Manpower’s (MOM) quarterly Labour Market Report released on Monday (Dec 9).
Overall, total employment increased by 22,300 in Q3, nearly double the 11,300 gain in Q2.
Labour demand remained robust, with MOM noting that year-end festivities are expected to boost hiring activity.
Job vacancies, however, declined to 63,400 in September – down from 81,200 in June – as lower-skilled roles in construction, transportation and manufacturing were filled.
Despite this drop, job openings continued to outnumber unemployed persons, with 1.39 vacancies per jobseeker in September.
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Other key labour market indicators demonstrated positive trends.
Retrenchments fell to 3,050 in Q3 from 3,270 in Q2, while the re-entry rate of retrenched residents into employment within six months rose to 60.4 per cent from 55 per cent.
Unemployment rates also eased slightly, with the overall rate at 1.9 per cent and the resident rate at 2.6 per cent in September.
MOM expects the labour market to remain tight, supported by economic growth and strong business sentiment.
Wage and employment growth are projected to continue, supported by resilient external demand and the ongoing recovery of the global electronics sector.
“Overall, we expect labour market performance in 2024 to be stronger compared to 2023,” the ministry said.
