In the latest signs that Singapore’s labour market is cooling, unemployment crept up in July, and the demand for workers dropped again in 2023 Q2.
Overall unemployment was 2 per cent in July on a seasonally adjusted basis – up from 1.9 per cent in June.
The rate for Singaporeans was 2.9 per cent in July, from 2.8 per cent in June, according to Ministry of Manpower (MOM) data.
For residents – citizens and permanent residents – the rate rose to 2.8 per cent in July, up from 2.7 per cent in June.
However, data for the April-to-June quarter released by MOM on Thursday showed the resident long-term unemployment rate came down slightly to 0.5 per cent in June, from 0.6 per cent in March.
The rate measures the proportion of unemployed residents who are out of work for at least 25 weeks.
Meanwhile, the number of job vacancies declined for the fifth consecutive quarter to 87,900 in June 2023 – down 12 per cent from 99,600 in March.
The figure has been descending from the peak of 126,000 in March 2022.
About one in five vacancies in June 2023 was in the professional services, information and communications, and financial services sectors.
The ratio of job vacancies to unemployed workers was 1.94 in June, down from 2.28 in March. While there are fewer vacancies, there remain almost two job openings for each unemployed person.
Singapore’s overall employment expanded in Q2 – for the seventh consecutive quarter but at a slower pace. The number of workers in jobs grew by 24,300 inQ2, down from 33,000 in Q1.
The number of foreigners in jobs grew by 25,500 in Q2, while the number of employed residents shrank by 1,200.
The Straits Times
