Singapore’s total employment grows for fifth consecutive quarter
Total employment in Singapore increased by 47,400 in the fourth quarter of 2022. While this was lower than the 75,900 recorded in the third quarter of 2022, it still represented a fifth consecutive quarter of growth, MOM has reported.
For the whole of 2022, total employment grew by 231,700, although this was largely driven by non-residents hired in industries such as construction, the ministry added.
As of December 2022, unemployment was recorded at 2%, although there were 3,000 retrenchments in the fourth quarter, an increase from 1,300 in the third quarter. This came mainly from the electronics, information technology, and wholesale trade sectors.
For the whole of 2022, the number of retrenchments stood at 6,450, lower than the 8,020 recorded in 2021 and pre-pandemic levels.
“Despite the recent rise, the number of retrenchments in 4Q 2022 remained within the quarterly range observed in 2019. MOM is closely monitoring the situation amid the weakening global economic outlook,” the ministry said.
MOM also cautioned that, against the backdrop of global economic uncertainty, higher inflation and geopolitical tensions, Singapore’s economic growth is expected to slow down in 2023, leading to a potential increase in unemployment rates.