Advance estimates indicate that the momentum of the labour market’s improvement could be easing in 3Q 2022 amidst slower economic growth. Total employment continued to expand with increases among both residents and non-residents. Unemployment rates ticked up in September, but remained within the pre-pandemic range. Retrenchments increased, but remained a step down from its pre-COVID average. As the proportion of firms intending to raise wages in the coming months held steady, the risk of a wage-price spiral remains low for now. For wage growth to be sustainable, wages should rise in tandem only with improvements in workers’ productivity and skills. While forward-looking data shows that overall hiring sentiments among firms remain optimistic, against the backdrop of a deteriorating global economic environment, some unevenness in employment growth may emerge across sectors in the final quarter of 2022. Demand in tourism- and consumer-related sectors is expected to remain robust, supported by the recovery of international visitor arrivals and year-end festive hiring. In contrast, trade-reliant sectors such as Manufacturing could experience more subdued employment growth as external demand weakens.