SINGAPORE - The labour market held steady in the first three months of this year, even as economic growth slowed.
There were 2,500 retrenchments in the first quarter of the year, almost similar to the 2,510 in the previous quarter and higher than the 2,320 in the first quarter of last year, which was a five-year low. The labour market typically lags behind the economic cycle, and in the first quarter, employment here grew by 12,000, excluding foreign domestic workers.
The ministry said in a statement that preliminary indicators suggest that the labour market is holding up.
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