Today-Oct 28
Total employment surpassed pre-pandemic levels in September for the first time since Covid-19 struck, but signs are pointing towards an easing of the labor market amid slower economic growth, the Ministry of Manpower (MOM) said on Friday. The number of people employed in Singapore excluding foreign domestic workers outgrew the previous quarter, driven mainly by non-resident employment, early estimates showed. But over the third quarter, unemployment rates and retrenchments also rose. “While forward-looking data shows that overall hiring sentiments among firms remain optimistic, some unevenness in growth could emerge across sectors in the final quarter of 2022,” MOM said. The ministry expects demand in tourism and consumer related sectors to remain robust, supported by the recovery of international visitor arrivals and year-end festive hiring. Meanwhile in trade-reliant sectors such as manufacturing, employment growth could be more subdued as external demand weakens. Total employment, excluding foreign domestic workers, grew by 75,600 in the third quarter, surpassing the previous quarter’s growth of 66,500. Resident employment increased further, though the pace of increase had slowed. Meanwhile, non-residents employment continued its robust growth.
Similar to past quarters, the rise in resident employment was led by outward-oriented sectors of information and communications, professional services and financial services. However, the MOM observed sustained declines in the administrative and support services sector. The ministry said this partly reflects the gradual scale-back of Covid-related occupations such as safe-distancing ambassadors and vaccination center workers. Read more at: https://www.todayonline.com/singapore/employment-surpass-pre-covid-easing-2030931
