Job vacancies fell over Q3 but year-end may see more demand
Resident employment grew strongly in the third quarter of 2024 in higher-skilled and higher-paying sectors, and while job vacancies fell, there were still more job openings than unemployed persons.
The number of job vacancies in September stood at 63,400, down from 81,200 in June, according to finalised Ministry of Manpower (MOM) data for the third quarter of 2024 released on Dec 9.
The drop reflects a gradual downtrend from the peak of 124,400 in March 2022.
It was driven by the construction, transportation and storage, and manufacturing industries, where more lower-skilled jobs have been filled by work permit holders.
Despite the decline, MOM noted there remained more job openings than unemployed persons. In September, there were 1.39 job vacancies for every unemployed person, compared with 1.67 in June.
The start of year-end festivities is expected to give a further boost to labour demand, MOM added.
Post-pandemic, MOM noted that employers might have filled up vacancies more adequately, with more workers staying on in their current jobs, observed by the gradual decline in resignation rate, down from from 1.7 per cent in 2022 to 1.3 per cent in the third quarter of 2024.
“The labour market is expected to stay tight with low unemployment, but tightness could ease gradually as more job vacancies are filled, and the number of job vacancies as well as the ratio of job vacancy to unemployed persons continue to adjust towards pre-pandemic levels,” MOM said.
In a continuation of the trend seen last quarter, resident employment – referring to Singaporeans and permanent residents (PRs) – grew strongly in higher-skilled and higher-paying sectors.
Resident employment rose by 4,000 in Q3, reversing from a seasonal decline of 600 in Q2, driven by strong hiring in outward-oriented sectors such as information and communications, professional services, and financial services.
Meanwhile, non-resident employment among S Pass and EP holders grew by 18,200, primarily due to the hiring of work-permit holders in construction and manufacturing. There are generally not enough resident workers in these sectors which comprise mostly blue-collar jobs, such as construction labourers, the ministry added.
Overall, total employment increased by 22,300 in Q3, nearly double the 11,300 gain in the previous quarter.
As for retrenchments, the number laid off declined from 3,270 in the previous quarter to 3,050.
MOM said the number of employees on short work-week or temporary layoff stayed low, signalling overall positive business confidence.
The rate at which residents found jobs within six months of being laid off rose from a low of 55 per cent in the previous quarter to 60.4 per cent in September.
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