Singapore’s Labour Market Sees Robust Growth in Q2 2024
Singapore’s Ministry of Manpower has released its advance labour market report for Q2 2024, revealing notable growth and stability in the job market.
Total employment rose by 11,300 in Q2, a significant increase from the 4,700 jobs added in Q1 2024. This boost is largely driven by rising resident employment in financial services, information and communications, and health and social services.
Labour Market
Non-resident employment also rebounded, primarily in construction and manufacturing sectors, reflecting an adjustment to changes in the Dependency Ratio Ceiling. However, resident employment faced a slight seasonal decline in retail trade, as businesses typically hire more during year-end festivities.
The unemployment rate improved, falling from 2.1% to 2.0% overall, with resident and citizen rates also decreasing. Despite a steady 3,100 retrenchments, largely due to business restructuring, the labour market remains resilient. This stability supports positive economic expectations for Singapore, suggesting continued growth in both wages and employment.