Employment growth moderates in Q2

The number of employed individuals in Singapore rose by 23,700.

Singapore’s employment figures continued to expand in 2Q23, albeit at a slower pace.

Based on the Ministry of Manpower’s (MOM) advanced estimates, employment figures only rose by 23,700 in 2Q23.

Non-residents, particularly from the construction sector, contributed the most to the employment growth for the quarter due to demand for private and public sector projects.

“Majority of the non-resident employment growth in construction pertains to Work Permit Holders. Non-residents employed in sectors with higher non-resident employment growth were typically in lower-paying roles,” the MOM said.

Whilst contracting slightly in 2Q23, resident employment remained well above its pre-pandemic level.

“The contraction occurred mainly in Food & Beverage Services (F&B) and Retail Trade, which is not unusual in the first half of the year,” the MOM said.

“F&B and retail outlets typically increase their hiring of temporary staff in the fourth quarter to cater for year-end festivities, and reduce their number of staff in subsequent quarters, with the easing of consumer demand,” the ministry added.

Meanwhile, unemployment rates did not change in June, remaining at 1.9%.