According to MOM, employment growth came from both residents and non-residents, with resident employment expanding in growth sectors like financial services and professional services – which generally had higher-paying jobs – as well as in health and social services.
Meanwhile, non-resident employment expanded in sectors such as construction, retail trade, food and beverage services, and administrative and support services.
UNEMPLOYMENT ON “SLOW UPTREND”, MAY RISE FURTHER
Unemployment rates have been “largely stable and remained low” in September despite the slight increase in July, MOM said.
Preliminary figures showed that unemployment rates in September were 2.8 per cent for residents, 3 per cent for non-residents and 2 per cent overall.
The ministry cautioned that while the labour market has continued to expand, the pace of unemployment growth has slowed compared to a year ago, amid the global economic slowdown.
“Business expectations worsened in September 2023,” it said. “The proportion of firms which indicated an intention to hire in the next three months fell from 58.2 per cent to 42.8 per cent.
“Similarly, the proportion of firms with an intention to raise wages dropped as well, from 28 per cent to 18 per cent.”
The ministry also said that while unemployment rates remained low due to continued labour market tightness, they “have been on a slow uptrend, and may continue to rise further”.
“The government encourages employers and workers to make full use of available programmes to remain competitive and resilient amidst economic uncertainty,” it added.
It also encouraged employers to “press on with business transformation, upskill and reskill their workers, and adapt to the changing environment”.
“We remain committed to supporting our workers to find good jobs despite the economic uncertainty ahead.”