Employment growth moderates in 2Q23

The contraction in residential employment drove the slowdown.

Employment rates continued to increase in 2Q23, albeit at a slower pace.

Data from the Ministry of Manpower (MOM) showed that employment only grew by 24,300 in 2Q23, slower than the growth record in 1Q23 (+33,000).

The slowdown in employment growth was driven by the contraction in residential employment, which dipped by 1,200.

MOM attributed the decline in resident employment to contractions in Food and Beverage Services and Retail Trade “due to outflow from the cessation of seasonal hiring.”

Driven by the construction sector, non-resident employment increased by 25,500. 

As total employment grew, the number of unemployed rates remained low at 1.9% and job vacancies declined to 87,900 in June.