S'pore employment rate up in Q3 2024, retrenchments down
The Ministry of Manpower on Oct 29 reported that the Singapore labour market continued to expand in the third quarter of 2024, in line with the sustained economic growth during this same period.
Total employment rose, with an increase by 24,100 in Q3 2024 – more than double the growth of 11,300 in 2Q 2024 – as both resident and non-resident employment rose at a faster pace.
Among residents, employment continued to rise in the growth sectors of information and communications, professional services, and health and social services.
Whereas for non-residents, employment mainly increased among Work Permit Holders (WPHs) in non-PMET roles, such as jobs in construction, manufacturing, and administrative and support services.
The report also showed unemployment rates and retrenchments remained low.
The overall unemployment rate dipped to 1.8 per cent in September from 1.9 per cent in August, while the rates for residents and citizens remained unchanged at 2.6 per cent and 2.7 per cent, respectively.
The number of retrenchments declined from 3,270 in the second quarter this year to 2,900 in the third quarter.
Retrenchments decreased or remained stable across sectors, with business re-organisation and restructuring remaining the top reason for retrenchments in Q3.
Overall, employment is expected to continue to expand in the next quarter, with low levels of unemployment and retrenchments.
Despite a decline in hiring and wage expectations among companies for Q4, employment is expected to expand in the next quarter and the labour market to remain tight.
This outlook is supported by an upward revision to the GDP growth forecast and anticipated year-end hiring for the festive period.
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