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Report: Labour Market Fourth Quarter 2023
Released on:14/3/2024 10:30 AM

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Report: ​Labour Market ​2022


Labour demand cooled over the course of 2023. While employment growth was maintained throughout 2023, it slowed progressively with each successive quarter.

  1. Total employment grew by 88,400 in 2023. This increase was largely from non-residents (83,500), especially in Construction and Manufacturing. Resident employment growth (4,900) was in higher-paying sectors such as Financial Services and Professional Services. In 4Q 2023, both resident (400) and non-resident (7,000) employment growth slowed from 3Q 2023 (resident: 2,800; non-resident: 20,800).
  2. Unemployment rates remained stable and low in December 2023 (overall: 2.0%; resident: 2.8%; citizen: 2.9%). The long-term unemployment rate held steady at 0.7%.
  3. The total number of retrenchments in 2023 (14,590) was more than double the record low seen in 2022 (6,440) but was similar to pre-pandemic levels (average for 2015 to 2019: 14,180). The top reason for retrenchments remained business reorganisation/ restructuring in 2023.
  4. The number of vacancies registered a slight increase in December 2023 (79,800) from September 2023 (78,200), after six consecutive quarters of decline. With the rise in job vacancies and low unemployment, the labour market remained moderately tight and the ratio of job vacancies to unemployed persons rose to 1.74 in December 2023 from September (1.64).
​For more key findings, please refer to the executi​ve su​mmar​y of the report.​