Retrenchments rise to 4,100 in 3Q
Despite the increase, unemployment rates remained low at 2.0%.
The latest Labour Market Report revealed that 4,100 employees were retrenched in 3Q23, up from 3,200 from the previous quarter.
The increase was due to the weaker external outlook from the wholesale trade sector. Business restructuring also remained the top reason for retrenchments in 3Q23.
Despite an increase in retrenchments, unemployment rates remained stable and low in September 2023 with an overall average percentage of 2.0%.
In the same quarter, total employment expanded by 24,000, marking the 8th consecutive quarter of increase. The growth came from residents and non-resident employees.
Resident employment growth was felt in the financial and professional services and health and social services sectors. Meanwhile, non-resident employment growth was felt in the construction, retail, food, and administrative and support services sectors.
Despite the expansion in the labour market, the employment growth pace has slowed compared to last year. Business expectations also dropped in September 2023.
Firms with intentions to hire dropped to 42.8% from 58.2%. In addition, firms that intend to raise wages dropped from 28.0% to 10.0%.