Singapore’s labour market recovers to near pre-pandemic levels
In its 2021 Labour Market Report, the MOM also said that, with economic growth gaining momentum and the increase in hiring and job vacancies, the local labour market is expected to continue its recovery this year.
However, the ministry cautioned that increased downside risks in the global economic outlook could stifle the pace of recovery.
“We expect the labour market to continue to improve in 2022, but of course, events in recent weeks have significantly increased the downside risks and therefore it will weigh on the pace of recovery,” said MOM permanent secretary Aubeck Kam.
The annual average unemployment rate dropped from 3.0% to 2.7%, with the resident unemployment rate falling from 4.1% to 3.5%, while the citizen unemployment rate dipped to 3.7% from 4.2%.
In January 2022, unemployment rates declined to around December 2019 levels, said MOM. Total employment rebounded last year, growing by 41,400, compared to the sharp contraction in 2020 when 166,600 jobs were lost.
Sectors which saw the highest gains in resident employment were information & communications, health & social services, professional services, administrative & support services, and financial services. Meanwhile, due to tight travel restrictions for the most part of the year, resident employment fell moderately in the accommodation, air transport & supporting services, and arts, entertainment & recreation sectors.