- 1Q 2023 labour market keeps growing; total employment up 6th quarter in a row by 33,000.
- Resident (2,800) and non-resident (30,200) employment both increased, with total employment reaching 3.8% above pre-pandemic levels.
- Retrenchments (3,820) rose in some sectors, but 71.7% of retrenched residents found jobs within six months.
Wah lau eh! Dude, you won’t believe this, but things are like, heating up in our little red dot’s labour market again, according to The Labour Market Report, 1st Quarter 2023 by the Manpower Research & Stats Dept, MOM.
Labour growth ain’t joking around! Let’s talk about it.
Growing But Moderating, Lah
So first thing first, bro, total employment (excluding them lovely Migrant Domestic Workers) expanded by a cool 33,000 in 1Q 2023.
A bit slower compared to the previous quarter, which saw a 43,500 increase.
The moderation happened for both residents and non-residents lah.
And as of March 2023, total employment is now chilling at a nice 3.8% above pre-pandemic levels!
Industry Ups and Downs
Hmm, you might be wondering which industries are on the up and up, right, sister?
Well, resident employment grew in sectors like Financial Services, Public Administration & Education, Professional Services, and Health & Social Services.
But not all’s rosy – Retail Trade and Food & Beverage Service jobs went down as seasonal hiring for festivities ended.
And for non-resident employment growth, Construction and Manufacturing were the stars.
Retrenchments Spiking, But Opportunities Still Abound
Now, let’s talk about the retrenchments, cuz we ain’t gonna ignore the dark side.
Though retrenchments rose to 3,820 in the first quarter of 2023, mostly in Electronics Manufacturing, Information & Communications, and Financial Services, majority like 71.7% of retrenched residents still managed to find new jobs within six months.
Not too shabby, huh?
Unemployment Chilling, Job Vacancies Cooling
Hey, hey, don’t stress out too much, sis.
Unemployment rates remained low, like overall: 1.8%, resident: 2.6%, and citizen: 2.7% kinda low.
Despite job vacancies declining, there were still plenty to go around, with a high ratio of job vacancies to unemployed persons at 2.28.
Actionable & Practical Takeaways
- Stay aware of the current labour situation so you can make informed decisions if you’re job hunting or thinking of a career change.
- Pay attention to the growth industries like Information & Communications, Health & Social Services, Professional Services, and Financial Services.
- Make full use of Government programmes for both employers and employees to adapt to this challenging environment.
So, there you have it, folks!
Our little island’s labour growth keeps pushing forward even with retrenchments happening.
We’ve got to keep hustling, adapting, and growing.
Can’t just sit around and wait for the perfect job lah!
Hey, what’s your take on the labour growth and opportunities in Singapore?
Let us know in the comments, can?