Employment Growth Doubles in Q3 as Resident and Non-resident Hiring Rises
Tuesday, Oct 29, 2024 11:56 pm ET
1min read The Singapore labour market witnessed a significant surge in employment growth in the third quarter of 2024, with a notable increase in hiring for both resident and non-resident workers. According to advance estimates from the Ministry of Manpower (MOM), employment grew by 24,100 in Q3, more than doubling the growth of 11,300 in the previous quarter.
The increase in resident employment was driven by sectors such as Information & Communications, Professional Services, and Health & Social Services. These sectors have seen steady growth in recent years, indicating a strong demand for skilled workers. The growth in non-resident employment was primarily contributed by the Construction, Manufacturing, and Administrative and Support Services sectors, which typically hire lower-skilled workers.
The festive season hiring efforts in Retail Trade and Administrative & Support Services sectors led to a temporary increase in resident employment during the fourth quarter of 2023. However, this trend reversed in Q3 2024 as firms released workers hired during the festive period, resulting in a marginal decline in resident employment.
Foreign-owned firms played a significant role in contributing to the overall employment growth in Q3. Despite comprising only 20% of firms in Singapore, they employed 33% of the resident workforce, including those in higher-paying jobs. This highlights the importance of attracting foreign investments and global talent to support resident workforce growth.
The labour market remained tight in Q3, with the number of job vacancies exceeding the number of unemployed persons. The ratio of job vacancies to unemployed persons rose to 1.67 in June 2024, indicating a strong demand for workers. Unemployment rates improved in June 2024, with the overall rate dipping to 1.8% from 1.9% in August. The resident and citizen unemployment rates remained unchanged at 2.6% and 2.7%, respectively.
The increase in resident and non-resident hiring in Q3 2024 reflects the robust economic growth experienced during the same period. As the labour market continues to expand, businesses are hiring more workers to meet the growing demand for goods and services. The positive employment trends in Q3 suggest that the labour market will remain tight in the coming quarters, supporting further economic growth.
In conclusion, the surge in employment growth in Q3 2024, driven by both resident and non-resident hiring, is a testament to the strength of the Singapore labour market. The increase in hiring across various sectors, coupled with a tight labour market and low unemployment rates, bodes well for the country's economic prospects. As businesses continue to expand and create new job opportunities, the labour market is expected to remain robust and resilient in the face of global uncertainties.
The increase in resident employment was driven by sectors such as Information & Communications, Professional Services, and Health & Social Services. These sectors have seen steady growth in recent years, indicating a strong demand for skilled workers. The growth in non-resident employment was primarily contributed by the Construction, Manufacturing, and Administrative and Support Services sectors, which typically hire lower-skilled workers.
The festive season hiring efforts in Retail Trade and Administrative & Support Services sectors led to a temporary increase in resident employment during the fourth quarter of 2023. However, this trend reversed in Q3 2024 as firms released workers hired during the festive period, resulting in a marginal decline in resident employment.
Foreign-owned firms played a significant role in contributing to the overall employment growth in Q3. Despite comprising only 20% of firms in Singapore, they employed 33% of the resident workforce, including those in higher-paying jobs. This highlights the importance of attracting foreign investments and global talent to support resident workforce growth.
The labour market remained tight in Q3, with the number of job vacancies exceeding the number of unemployed persons. The ratio of job vacancies to unemployed persons rose to 1.67 in June 2024, indicating a strong demand for workers. Unemployment rates improved in June 2024, with the overall rate dipping to 1.8% from 1.9% in August. The resident and citizen unemployment rates remained unchanged at 2.6% and 2.7%, respectively.
The increase in resident and non-resident hiring in Q3 2024 reflects the robust economic growth experienced during the same period. As the labour market continues to expand, businesses are hiring more workers to meet the growing demand for goods and services. The positive employment trends in Q3 suggest that the labour market will remain tight in the coming quarters, supporting further economic growth.
In conclusion, the surge in employment growth in Q3 2024, driven by both resident and non-resident hiring, is a testament to the strength of the Singapore labour market. The increase in hiring across various sectors, coupled with a tight labour market and low unemployment rates, bodes well for the country's economic prospects. As businesses continue to expand and create new job opportunities, the labour market is expected to remain robust and resilient in the face of global uncertainties.
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