Employment growth eases in Q1

In Q1, employment grew by 34,500.

Whilst employment continued to expand in Q1, the pace of its growth has slightly moderated.

Advanced estimates from the Ministry of Manpower (MOM) showed that total employment rose by 34,500 in Q1, lower than the 43,500 increase in Q422.

The MOM attributed the slowdown to the moderation of both resident and non-resident employment growth.

Most of the new hires in Q1 came from non-residents in Construction.

Newly-hired residents, meanwhile, gained employment in Community, Social & Personal Services, mainly in Public Administration & Education, and Financial Services sectors.

Given the growth in employment, the unemployment rate in Q1 remained low at 1.8% overall, 2.5% for residents, and 2.7% for citizens.

In total, there were 61,500 unemployed residents in March 2023, of which 54,900 were citizens.