SINGAPORE’S labour market showed strong growth in the third quarter of 2024, with total employment nearly doubling the increase seen in the previous quarter, according to the latest Labour Market Report by the Ministry of Manpower published Monday. By September, total employment, excluding migrant domestic workers, reached 3,736,900, reflecting an increase of 22,300 in the third quarter.
Both resident and nonresident employment saw growth. The ministry noted that resident employment expanded in outward-oriented sectors such as information and communications, professional services, and financial services, as workers moved away from domestic-focused industries like retail and food services. The growth in nonresident employment was driven primarily by the hiring of work permit holders in the construction and manufacturing sectors.
Unemployment rates showed a slight decline. The overall unemployment rate in September was 1.9 per cent, with resident and citizen unemployment rates standing at 2.6 per cent and 2.7 per cent, respectively.
Job vacancies dropped to 63,400 in September, down from 81,200 in June, largely due to fewer openings in lower-skilled roles within sectors like construction, transport, storage, and manufacturing, which have largely been filled by work pass holders.
Despite the decline, vacancies continued to outnumber unemployed persons, with 1.39 jobs available per jobseeker.
“The upcoming year end festivities are expected to give a further boost to labour demand,” the ministry said.
Xinhua
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