Despite the decline in native employment, full employment increased for the seventh quarter in a row as 25,500 non-residents were hired.
According to a MOM director, nearly half of these non-residents work in the construction industry. Different industries continue to fill non-residential posts left open by the pandemic.
Compared to the second quarter, the boost in overall work is less in the second quarter.
View Lower
The unemployment rate was low in the second quarter but is expected to substantially increase over the next few months, according to MOM.
Overall unemployment rose to 2 % in July, the second quarter of the second quarter, from 1.9 percent in June.
Additionally, there are indications that labor requirement is declining.
For the second consecutive stern, there were 87 and 900 fewer openings in June. As a result, from 2.28 in March, the ratio of career openings to poor people decreased to 1.94.
According to MOM,” labor demand could relieve further and be unequal across industries given the poor external environment and financial growth for the rest of the year.”
In March 2022, career openings reached a record of 126, 000. Everyone at the moment claimed that the business was too hot and constrained. According to MOM’s Mr. Ang, organizations were complaining that they didn’t have sufficient manpower.
He continued,” Vacancies can be said to be reaching a more reasonable level now ,” adding that prior to the pandemic, the number was between 50, 000 and 60 000.
According to a MOM poll, only 50.8 percent of businesses had plans to hire in the upcoming three months as of June 2023, down from 64.8 % in March.