Advance estimates indicate continued recovery of the labour market in 2Q 2022. Total employment increased further, and more robustly than the previous quarter. Residents continued to secure jobs, especially in growth sectors such as Information & Communications, Professional Services, and Financial Services. Non-resident employment saw substantial growth, mainly in Construction and Manufacturing, following the significant relaxation of border restrictions from April this year. More non-residents found employment in 2Q 2022, as compared to the previous quarter. Unemployment rates remained at pre-COVID levels while retrenchments declined further. Going forward, we expect non-resident employment to continue to make up a higher proportion of total employment growth as it catches up to its pre-COVID level. Resident employment, having surpassed pre-COVID levels by around 4% since December 2021, could see relatively lower growth as the readily available resident labour supply shrinks with the improving unemployment situation.
For more information, please refer to the full Labour Market Advance Release Second Quarter 2022 report.