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By Ronnie Harui
SINGAPORE–Singapore’s employment expanded at a slower pace in the second quarter compared with the prior quarter amid signs that labor demand is cooling, the Ministry of Manpower said Thursday.
Total employment, excluding migrant domestic workers, increased 24,300 in the April-June period, according to revised data released by the ministry. That compares with the advance estimate of a 23,700 growth and with a 33,000 increase in the first quarter.
“Given the weak external environment and economic growth for the rest of the year, labor demand could ease further and be uneven across industries,” the ministry said in a statement. “The government and tripartite partners will continue to support employers and workers to press on with business transformation and upskilling,” the ministry added.
Labor demand continued to cool, the ministry said. The number of vacancies fell to 87,900 in the April-June period, declining for the fifth straight quarter from the peak of 126,000 in March 2022. Given the drop in the number of job vacancies, the ratio of job vacancies to unemployed persons fell to 1.94 in the second quarter from 2.28 in the first quarter, the data showed.
Singapore’s overall unemployment rate edged higher to 2.0% in July from 1.9% in June, the ministry said. The unemployment rate for residents rose to 2.8% in July from 2.7% in June and the unemployment rate for citizens increased to 2.9% in July from 2.8% in June.
Write to Ronnie Harui at ronnie.harui@wsj.com
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