Unemployment drops to 1.9%, with strong demand for workers across sectors.
Singapore’s labour market continued its strong performance in Q3 2024, recording significant employment growth and a drop in unemployment rates. The Ministry of Manpower’s latest report highlights a labour market driven by robust demand in both high-skill and low-skill sectors.
Singapore’s labour market reflects the nation’s steady economic recovery, with total employment nearly doubling the growth seen in Q2 2024. The Ministry of Manpower (MOM) reported sustained job creation in key sectors, despite challenges in filling vacancies for lower-skilled roles.
Employment Growth Surges
Total employment in Singapore rose by 22,300 in Q3, a sharp increase from Q2’s 11,300. Resident employment grew by 4,000, particularly in high-skill sectors like Information & Communications, Professional Services, and Financial Services.
Non-resident employment saw a substantial increase of 18,200, driven by hiring in construction and manufacturing. Work permit holders continue to fill roles where local workers are scarce.
Unemployment remained low, with an overall rate of 1.9%, and resident and citizen unemployment rates at 2.6% and 2.7%, respectively. This marks a continued improvement in labour market conditions.
Decline in Job Vacancies
Job vacancies dropped from 81,200 in June to 63,400 in September, largely due to fewer openings in sectors like transportation and manufacturing. However, vacancies still outnumber unemployed persons, with 1.39 jobs available per jobseeker.
Read More: Singapore’s Economy Surges by 4.1% in Q3, Boosted by AI-Driven Demand
The year-end festive season is expected to further boost labour demand, particularly in retail and hospitality. MOM predicts strong hiring activity to persist into 2025, supported by Singapore’s economic resilience.
The robust labour market offers opportunities for upskilling and career advancement. International visitors and businesses may benefit from Singapore’s economic stability and its demand for skilled talent. However, challenges in filling lower-skilled roles underline the ongoing reliance on foreign workers.
Singapore’s labour market grew strongly in Q3 2024, with unemployment dropping to 1.9%. Job vacancies outpaced jobseekers, while high-skill sectors led resident employment growth. Non-resident employment surged in construction and manufacturing. The Ministry of Manpower expects demand to remain strong through 2025.
Sources: Yahoo News, Xinhua Net (2024)
Keywords: Labour Market, Economic Recovery, Q3 Surge
