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Skip Navigation LinksLabour Market Statistics and Publications > Report: Labour Market First Quarter 2022
Report: Labour Market First Quarter 2022
Released on:17/6/2022 10:30 AM

​​​​​​​​​​​​​​Report: ​Labour Market First Quarter 2022
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KEY INSIGHTS

The labour market continued to improve on all fronts in 1Q 2022.

  1. Both resident and non-resident employment rose. However, the majority of employment growth this quarter accrued to non-residents, as employers back-filled vacancies for jobs that were more reliant on migrant workers when border restrictions were progressively lifted. Notwithstanding this, the non-resident employment level in March 2022 remained notably lower than its pre-pandemic level.
  2. Unemployment rates continued to trend down. Although the resident long-term unemployment rate remained slightly above the pre-pandemic level, this too has improved.
  3. As business activities resumed and manpower shortages rose, retrenchments dipped to a record low, and the re-entry rate among retrenched residents increased. At the same time, fewer employees were placed on a short work-week or temporary layoff.
  4. Job vacancies rose to a new high, though the rate of increase has slowed. With an increase in job vacancies and a corresponding decline in the number of unemployed, the job vacancy to unemployed persons ratio rose as well.
  5. Resignation and recruitment rates remained unchanged, after trending up in the previous quarters.

This edition also carries a technical note on “Employment Change, Unemployment and Retrenchment”. The article focuses on what these three high-frequency indicators are, how they have trended over time, and what they revealed about the labour market during the COVID-19 pandemic.

For more key findings, please refer to the execut​i​ve su​mmar​y of the report.​


Released on: 17 June ​2022