Retrenchments in S’pore decline for first time in a year, but signs of cooling labour market persist

SINGAPORE – Layoffs in Singapore declined for the first time in a year, while overall labour demand showed signs of cooling in the second quarter of 2023 as total employment growth slowed markedly to 23,700.

“F&B and retail outlets typically increase their hiring of temporary staff in the fourth quarter to cater for year-end festivities, and reduce their number of staff in subsequent quarters, with the easing of consumer demand.” Employment in the construction sector grew by 10,500 in Q2 2023, picking up the pace from the previous quarter. This is mainly attributed to more work permit holders.

Sectors such as community, social and personal services, financial services, and professional services saw continued resident employment growth, although growth has slowed amid global economic headwinds, said MOM.

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