Employment ‘more robust’ in Q2: MoM
The employment rate likely expanded by 1.9% during the quarter.
Singapore’s total employment showed a “more robust” growth after it expanded by 1.9% in the second quarter of the year, the Ministry of Manpower (MoM) reported.
The official labour market report for the quarter will be released in mid-September, but initial estimates showed total employment rose by 64,400 at a faster rate than by 42,000 or 1.2% in the previous quarter.
The report also noted that resident employment also sustained its growth at a steady pace, particularly in the Information and Communications, Professional Services, and Financial Services sectors.
READ MORE: Slightly lower employment growth in Q1
Non-resident employment, meanwhile, grew stronger quarter-on-quarter, largely due to the Construction and Manufacturing sectors. The said sectors have started hiring to fill positions and meet rising demand after border controls were relaxed in April.
“In the months ahead, we expect non-resident employment to continue growing at a robust pace as it catches up to its pre-COVID level,” the report noted.
“On the other hand, resident employment, having surpassed pre-COVID levels by around 4% since December 2021, could see relatively lower growth as the readily available resident labour supply shrinks with the improving unemployment situation.”
Moreover, unemployment rates were unchanged at 2.1% overall, 2.9% for residents, and 3.1% for citizens in June.
The MoM projected these rates to say low as Singapore’s labour market remains tight. Despite this, the Ministry expects risks to remain that could dampen business sentiments and demand for manpower.