Report: Labour Market Third Quarter 2023

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Report: Labour Market 2022

The labour market expanded in 3Q 2023 despite the weaker economic outlook.

Total employment increased for the eighth consecutive quarter (23,600) in 3Q 2023, with increases in both resident and non-resident employment. The bulk of the resident employment increase was in growth sectors.
Unemployment rates remained low in October 2023 (overall: 1.9%; resident: 2.7%; citizen: 2.9%). The resident long-term unemployment rate rose from 0.5% in June 2023 to 0.7% in September 2023, which was comparable to the pre-COVID average rate.
Labour demand continued to cool. The number of job vacancies fell to 78,400 in September 2023, declining for the sixth consecutive quarter from the peak of 126,000 in March 2022. Job vacancies in growth sectors including Information & Communications, Health & Social Services, Professional Services, Financial & Insurance Services made up nearly one-third of the overall job vacancies available. The labour market remained tight with the ratio of job vacancies to unemployed persons at 1.58 in September 2023.

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