Singapore sees stronger employment growth in Q2 2024

The number of employed individuals rose by 11,300.

Singapore saw a stronger employment growth of 11,300 in Q2 2024, up from 4,700 in the prior quarter, the advance estimates from the Ministry of Manpower (MOM) showed.

The MOM attributed the increase to financial services, health and social services, information and communications, and professional services sectors.

The ministry pointed out that the workforce increased even with a minor decline in resident employment caused by a seasonal contraction in retail trade.

Non-resident employment also rose during the period, contributing to the overall increase.

The MOM attributed the rise in non-resident employment to Work Permit (WP) holders in non-PMET roles in construction and manufacturing.

With improved employment figures, unemployment rates declined to 2.0% from 2.1%. Meanwhile, the retrenchment figure held steady at 3,100.