SINGAPORE: Singapore’s labour market showed robust signs of recovery in the third quarter of 2024, as both resident and non-resident employment rates increased significantly.
According to the Ministry of Manpower’s latest Labour Market Report, the total number of employed individuals surged by 24,100 during the quarter, marking a growth rate approximately 1.1 times greater than the previous quarter.
The report highlighted a notable rise in resident employment, particularly in sectors such as information and communications, professional services, and medical and social services. This growth reflects an ongoing demand for skilled workers in these industries.
Conversely, the increase in non-resident employment was primarily driven by work permit holders in blue-collar positions, with notable gains seen in the construction, manufacturing, administration, and assistance services sectors.
Despite these positive trends, the unemployment rate remained stable, with resident and citizen unemployment holding steady at 2.6% and 2.7%, respectively, between August and September.
Layoffs also saw a decline, dropping from 3,270 in the previous quarter to 2,900 in Q3, suggesting that companies are becoming more cautious in their workforce management as they adapt to changing market conditions.
Looking ahead, a survey conducted by the Ministry of Manpower indicated that uncertain prospects in export-oriented sectors might impact hiring and wage expectations for the fourth quarter.
However, despite these challenges, the authorities remain optimistic about the labour market, projecting continued employment growth in the coming months.