By Ronnie Harui
Singapore’s labor market grew for an eighth straight quarter during July-September, but the pace of hiring slowed amid sluggishness in the global economy.
The rise in employment was driven by increases in the hiring of residents and non-residents, government data showed Thursday.
Total employment, excluding migrant domestic workers, rose by 24,000 in the third quarter of 2023, according to advance estimates from the Ministry of Manpower. That compared with an increase of 24,300 in the second quarter.
“While the labour market continued to expand, the pace of employment growth has slowed compared to a year ago, amid the global economic slowdown,” the ministry said in a statement.
The number of retrenchments rose to 4,100 in the third quarter from 3,200 in the previous quarter, the data showed. Most of this increase came from the wholesale trade sector, reflecting a weaker external outlook, the ministry said.
Singapore’s overall unemployment rate stayed at 2.0% in September, unchanged from August, the data showed. The unemployment rate for residents was also unchanged at 2.8%, while that for citizens rose to 3.0% from 2.9%.
Write to Ronnie Harui at [email protected]
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