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Skip Navigation LinksLabour Market Statistics and Publications > Report: Labour Market Second Quarter 2023
Report: Labour Market Second Quarter 2023
Released on:14/9/2023 10:30 AM

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

The labour market in 2Q 2023 was stable - with continued employment growth and low unemployment rates. The number of retrenchments also declined after three quarters of increases. However, there are signs that demand is cooling. Employment growth has moderated significantly, and the number of vacancies continued to trend down.

  1. Total employment growth slowed to 24,300 in 2Q 2023 from 33,000 in 1Q 2023. The increases in 2Q 2023 were from non-residents (25,500) as resident employment contracted (-1,200) for the first time since 2Q 2020. However, the contraction in resident employment this quarter, which was largely due to seasonal effects in the Food & Beverage Services and Retail Trade sectors, is unlikely to persist.
  2. Unemployment rates (overall: 1.9%, resident: 2.7%, citizen: 2.8%) and resident long-term unemployment rate (0.5%) remained low in June 2023.
  3. Labour demand continued to cool. The number of job vacancies fell to 87,900 in June 2023, declining for the fifth consecutive quarter from the peak of 126,000. Following the drop in number of job vacancies, the ratio of job vacancies to unemployed persons also dipped significantly for the second consecutive quarter to 1.94, although this was still significantly higher compared to the pre-pandemic level.
​For more key findings, please refer to the executi​ve su​mmar​y of the report.​


Released on: 14 September ​​​2023​