Singapore's labor market saw growth for an eighth consecutive quarter from July to September. However, the pace of hiring has slowed down due to the sluggish global economy.
Employment Increase Driven by Residents and Non-Residents
According to advance estimates from the Ministry of Manpower, the rise in employment during the third quarter of 2023 was primarily influenced by an increase in the hiring of both residents and non-residents. The total employment, excluding migrant domestic workers, rose by 24,000, compared to a slightly higher increase of 24,300 in the second quarter.
Slowdown in Employment Growth
While the labor market continued to expand, the Ministry of Manpower states that the pace of employment growth has slowed down compared to the previous year. This deceleration can be attributed to the global economic slowdown.
Increase in Retrenchments
The data reveals that the number of retrenchments rose to 4,100 in the third quarter, up from 3,200 in the previous quarter. The wholesale trade sector experienced a significant portion of this increase, reflecting the weaker external outlook.
Unemployment Rate Remains Steady
Singapore's overall unemployment rate held steady at 2.0% in September, maintaining the same figure as August. The unemployment rate for residents remained unchanged at 2.8%, while that for citizens saw a slight rise from 2.9% to 3.0%.
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