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Report: Labour Market Third Quarter 2022
Released on:15/12/2022 10:30 AM

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


The labour market maintained its growth momentum in 3Q 2022, although there are some signs that the momentum of improvements in the labour market could slow in the quarters ahead.

  1. Total employment continued to expand robustly (75,900), higher than the increase in the previous quarter (66,500) with increases for both non-residents (71,100) and residents (4,800). With the latest increases, resident employment was 4.4% above its pre-pandemic level, while non-resident employment was still 3.9% below its pre-pandemic level.
  2. Unemployment rates (overall: 2.0%, resident: 2.8%, citizen: 3.0%) and resident long-term unemployment rate (0.7%) remained at pre-pandemic levels.
  3. The labour market tightness has eased. The number of job vacancies declined noticeably in September 2022 (108,200), although it remained significantly higher than pre-pandemic (2019: 52,900). As a result, the ratio of job vacancies to unemployed persons also declined (2.20).
  4. The number of retrenchments (1,120) in 3Q 2022 remained below pre-pandemic levels. However, it has trended higher with on-going restructuring in the Information & Communications sector.
  5. While we expect overall employment growth in the next quarter to remain robust, growth could be uneven across sectors.
Corrigendum notice: The report has been updated with minor revisions to the 3Q 2022 figures on job vacancies, ratio of job vacancies-to-unemployed persons, retrenchments (number and incidence), recruitment and resignation rates, number of employees placed on short work-week, temporary layoffs and hours worked. The revisions did not result in changes on the analysis.
For more key findings, please refer to the exec​​ut​i​ve su​mmar​y of the report.​​