Total employment in Singapore expected to stagnant
Despite Singapore’s labour market growing in Q32022, employment numbers point to early signs of slowing down, showed advance figures from the Ministry of Manpower (MOM).
Total employment, which excludes migrant domestic workers, rose 75,6000 the quarter before, continuing the strong growth of 66,500 in the previous quarter. However, there was a slight uptick in unemployment rates and retrenchments, although these were still on par with pre-pandemic levels.
“In the coming months, a deteriorating global economic environment, higher global inflation, as well as geopolitical tensions, will impact the labour market,” noted MOM.
Employment among non-residents led the expansion, showing a steady growth across all sectors in a continued rebound towards pre-pandemic levels. This stemmed mainly from the construction and manufacturing sectors, which are more reliant on foreign workers.
Resident employment also rose over the quarter, but at a slower pace. Employment gains among residents came mainly from sectors like information and communications, professional services, and financial services.
READ: Singapore plans to double number of HR professionals by 2025
Retrenchments also rose in Q3 to 1,600 from 830 the previous quarter. These came largely from sectors like manufacturing, mainly due to discontinuation of product lines, and services, mainly due to business reorganisation or restructuring, said the ministry.