Singapore labour market continues to grow in Q3, 2022

The Singaporean labour market continued its recovery in the third quarter of 2022 (Q32022), with total employment growing by 75,600. This is an increase from Q2’s figure of 66,500.
The increase was mainly due to non-resident employment.
“With this expansion, total employment surpassed its pre-pandemic level by 1.7% in September 2022,” the Ministry of Manpower (MOM) said.
The construction and manufacturing sectors had a higher share of workers who are not residents, while more residents found work, but less than what was recorded last quarter.
Growth in resident employment was mainly in sectors like information and communications, professional services and financial services.
Meanwhile, the unemployment rate in the third quarter of 2022 crept up to 2%. This is slightly higher than the previous year, but remains well below pre-pandemic levels. There were also 1,600 more retrenchments this time around compared to the last three months.
“In the coming months, a deteriorating global economic environment, higher global inflation, as well as geopolitical tensions, will impact the labour market,” added MOM.

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Chief of Staff Asia