EMPLOYMENT
Total employment, excluding migrant domestic workers, rose by 8,400 in the final quarter of the year. It was also the ninth consecutive quarter that total employment had increased.
MOM noted that the growth in total employment has moderated “significantly” for both residents and non-residents as compared to previous quarters.
“This moderation was not unexpected as weaker hiring expectations and declining job vacancies from previous quarters indicated cooling labour demand,” said MOM.
Resident employment growth was largely in domestic-oriented services such as health and social services and public administration and education. Retail trade and food and beverage services also received an employment boost, due to seasonal hiring.
“After the sharp, post-pandemic rebound in 2022, total employment growth for the full year of 2023 was moderate amidst weaker economic conditions (from 227,800 to 89,400),” said MOM.
“The more muted pace of growth was seen for both residents and non-residents,” MOM said.
Unemployment rates were unchanged in December 2023 at 2 per cent overall, while rates remained “stable and low” for the full year of 2023.