Job vacancies rise by 12% in Q3

The jump may be due to the new restrictions on foreign workers.

The number of available jobs in Singapore rose 12% QoQ in Q3, whilst the number of candidates also rose 30% QoQ, Morgan McKinley revealed.

According to its APAC Employment Monitor, Singapore is the only country that experienced an increase in the number of jobs available, even if it "had exhibited all the hallmarks of an employment downturn."

“To see such positive employment numbers out of Singapore is both shocking and reassuring,” said Morgan McKinley Asia Pacific chief operations officer Richie Holliday.

According to the monitor, the figures suggest a delayed release of jobs that was stymied by the strict new visa regimen intended to localize the workforce.

“The restrictions on foreign workers spread anxiety throughout the country’s extensive expat population and were expected to keep financial services job seeker figures depressed for the foreseeable future,” Morgan McKinley said.

Though expats continue to be hired in Singapore, systemic challenges remain. “Fears of hyper-localization are likely pushing people to look for new positions in outsized numbers, contributing to the spike,” said Holliday.

The coinciding increase in jobs available, however, offers hope that the surprise spike in jobs seekers is not an early indicator of recession, and supports the theory that Singapore may be reaping the benefits of its focus on attracting fintech to the island.

“I would discourage people from celebrating just yet, but it’s a welcome source of hope and optimism after a difficult six months,” Holliday added.