Total Employment Grows by 22,300 in Q3, With Economic Growth Driving Strong Labour Market Trends
Resident employment in Singapore saw a significant rebound in the third quarter of 2024, rising by 4,000, following a seasonal decline in Q2. This growth was driven by strong hiring in outward-oriented sectors like information and communications, professional services, and financial services.
In total, 22,300 jobs were added to the labour market, nearly doubling the 11,300 increase recorded in Q2. Non-resident employment also rose by 18,200, primarily due to an uptick in work permit holders in construction and manufacturing. Meanwhile, employment for S Pass holders increased in financial services and health and social services, indicating broader growth in sectors related to professional services.
MOM (Ministry of Manpower) expects a tight labour market supported by economic growth and strong business sentiment. Year-end festivities are expected to further boost hiring, particularly in sectors like retail and hospitality.
Despite this positive outlook, job vacancies fell to 63,400 in September, down from 81,200 in June, due to roles in lower-skilled sectors like construction and transportation being filled. However, job openings continued to outnumber jobseekers, indicating strong demand for workers overall.
While unemployment rates remained low at 1.9% overall, challenges from external factors such as geopolitical tensions and economic uncertainties may temper optimism for the upcoming year, with employers likely to adopt a cautious stance on hiring and wage adjustments in the near term.
