Infographic: Labour Market First Quarter 2023

The labour market continued to grow in 1Q 2023. Looking ahead, employment growth is likely to moderate, given the weaker external demand outlook and downside risks in the global economy.

Total employment (33,000) expanded for the sixth consecutive quarter. Total employment surpassed its pre-pandemic level (December 2019) by 3.8% in March 2023. Resident and non-resident employment also exceeded their pre-pandemic levels by 4.9% and 1.7% respectively. This is the first time non-resident employment exceeded its pre-pandemic level.
Unemployment rates (overall: 1.8%, resident: 2.6%, citizen: 2.7%) and resident long-term unemployment rate (0.6%) remained low in March 2023. Across most age and education groups, the resident unemployment rates either stayed low or improved.
The number of retrenchments rose for the third consecutive quarter in 1Q 2023 (3,820). The increase in retrenchments was driven by Electronics Manufacturing (due to headwinds from the global electronics downturn), Information & Communications (due to reorganisation or restructuring) and Financial Services (due to heightened volatility in the global financial market). Retrenchments in other sectors remained stable.
There are signs that labour demand is cooling in some sectors. Job vacancies declined for the fourth consecutive quarter. However, the number of vacancies remained elevated, partly because non-resident employment has not fully recovered to its pre-pandemic level for some sectors such as Retail Trade, Accommodation and Food & Beverage Services.

For more information, please refer to the full Labour Market First Quarter 2023 report.

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