Resident employment rises 4,000 in Q3

It was driven by strong hiring in outward-oriented sectors.

Resident employment in Singapore increased by 4,000 in the third quarter of 2024, reversing a seasonal decline of 600 in Q2, the Ministry of Manpower reported.

The rebound was fuelled by strong hiring in outward-oriented sectors such as information & communications, professional services, and financial services.

Non-resident employment also surged by 18,200, with most gains seen in the Construction and Manufacturing sectors, where work permit holders filled lower-skilled roles.

Singapore’s total employment rose by 22,300, nearly double the 11,300 growth in the previous quarter.

Unemployment rates remained low, with the overall rate at 1.9%, resident unemployment at 2.6%, and citizen unemployment at 2.7%. Retrenchments were also modest, totalling 3,050 in the third quarter.

Whilst labour demand remained high, job vacancies fell in September 2024 to 63,400, a decrease from 81,200 in June.

The decline was driven by reduced vacancies in sectors like construction, transportation and storage, and manufacturing, where lower-skilled positions were increasingly filled by work permit holders. Despite the drop, there were still more job vacancies than unemployed persons, with 1.39 job openings for every unemployed individual.

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