Report: Labour Market First Quarter 2024

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Report: Labour Market 2022

KEY INSIGHTS

The labour market continued to expand in 1Q 2024, but at a slower pace compared to 4Q 2023.

Residents (5,500) contributed to all the employment increase in 1Q 2024, while non-resident employment declined (-800).
Unemployment rates inched up in March 2024 (overall: 2.1%; resident: 3.0%; citizen: 3.1%) compared to the previous months but remained within the range observed during non-recessionary periods.
The resident long-term unemployment rate also remained low at 0.8% in March 2024.
The number of retrenchments continued to decline in 1Q 2024 (4Q 2023: 3,460; 1Q 2024: 3,030) due to declines in the number of retrenchments from outward-oriented sectors such as Wholesale Trade and Electronics Manufacturing.
Following the cooling labour demand in 2023, the number of job vacancies rose for the second consecutive quarter in March 2024 (81,900) from December 2023 (79,800).

For more key findings, please refer to the executive summary of the report.

As part of MRSD’s continued commitment to deliver accurate and relevant statistics on the labour market, our data collection processes have undergone an assessment by Ernst and Young Advisory Pte Ltd.

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KEY INSIGHTS

Report: Labour Market 2022