Photo by Oleksii Drozdov on Unsplash

Non-resident workers in construction and manufacturing boost employment in Q3

Based on advanced estimates, total employment expanded by 75,600.

Non-resident workers, particularly those in the construction and manufacturing sectors, were the main drivers of employment growth for Q3.

According to the Ministry of Manpower’s (MOM) advanced estimates, employment figures expanded by 75,600 in Q3.

Meanwhile, more residents got hired in the information and communications, professional services, and financial services sectors.

Whilst the employment figures rose, unemployment rates still increased to 2.0% overall, 2.9% for residents, and 3.1% for citizens. On the flip side, the unemployment rate remained within the pre-COVID range.

Most retrenchments during the quarter were in the manufacturing sector and services sector reported by the MOM. In Q3, retrenchments rose to 1,600 from the previous quarter’s all-time low of 830.

7. In the coming months, the MoM expects the deteriorating global economic environment, higher global inflation, and geopolitical tensions to impact the labour market. 

“While forward-looking data shows that overall hiring sentiments among firms remain optimistic, there could be some unevenness in growth across sectors in the final quarter of 2022,” the MoM said.

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