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Report: Labour Market Fourth Quarter 2022
Released on:15/3/2023 10:30 AM

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

The labour market performed well in 2022. Going forward, the projected slowdown in economic growth in 2023 may translate into a moderation of labour demand and a slow-down in labour market momentum.

  1. Total employment grew by an unprecedented 227,800. Consequently, total employment has recovered to 2.9% above pre-pandemic level in 2019. Non-resident employment level stood at 99.2% of the 2019 level, while resident employment level rose to 4.8% above the 2019 level.
  2. The unemployment rates (overall: 2.0%, resident: 2.8%, citizen: 2.9%) and resident long-term unemployment rate (0.6%) remained low in December 2022.
  3. Retrenchments, which doubled over the quarter to 2,990 in 4Q 2022, were mostly from Electronics Manufacturing, Wholesale Trade and Information & Communications, which are outward-oriented sectors facing global headwinds.
  4. The number of job vacancies in December 2022 (104,500) declined for the third consecutive quarter but remained elevated compared to pre-pandemic periods.

This edition also carries 2 box articles: ​

  1. “Youths in the Labour Market”. In this article, we analyse the employment outcomes of our youths, and compare them with that of youths from other countries.
  2. Retrenchment & Re-entry into Employment In 2022. This is an annual round-up of the retrenchment and re-entry into employment trends.
​For more key findings, please refer to the executi​ve su​mmar​y of the report.​


Released on: 15 March ​2023​