Infographic: Labour Market Second Quarter 2024

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The labour market expanded faster in 2Q 2024 than in 1Q 2024 as the economy continued to expand, extending the growth in the preceding quarter.

Total employment growth more than doubled in 2Q 2024 (11,300) compared to 1Q 2024 (4,700). Resident employment grew in higher-paying sectors such as Financial & Insurance Services, Information & Communications, and Professional Services, but saw seasonal declines in Retail Trade and Administrative & Support Services. Non-resident employment grew, mainly in Construction and Manufacturing. Unemployment rates trended down in June 2024 (overall: 2.0%; resident: 2.7%; citizen: 2.8%) compared to the previous months, and resident long-term unemployment rate held steady (0.8%). Labour demand remained firm with a high number of job vacancies (81,200).
Looking forward, MOM expects labour market momentum to be sustained, with wages and employment continuing to grow in tandem with economic growth. In the longer-term, we expect resident employment growth to moderate given Singapore’s high labour force participation rate and slowing resident workforce growth. To complement our resident workforce growth and continue to create good jobs for Singaporeans, we need to remain open to global talent and attract foreign investments. Foreign-owned firms make up about 20% of firms in Singapore and provide jobs for nearly one-third of employed residents. Foreign-owned firms also account for a disproportionate share of higher-paying jobs – they provide jobs for six in ten residents earning a gross monthly income of above $12,500. Foreign-owned firms also create business for our local SMEs who hire the majority of resident workers.

For more key findings, please refer to the Labour Market Second Quarter 2024 report.

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