Despite these challenges, UOB suggests that the overall labour market could still benefit from declining global policy rates.
A key indicator of the labour market’s health, the 3Q24 Labor Market Pressure Index , shows a notable easing in labour tightness since mid-2022. In 3Q24, conditions stabilized, with the job vacancies-to-unemployed ratio dropping to 1.39, down from a high of 2.54 in 2Q22.Secure Your Child's Financial Future in Singapore: A Comprehensive Guide on Investment and Savings
UOB also pointed out that the LMPI’s trends are closely linked to inflationary pressures. The bank noted that a tighter labour market could put upward pressure on consumerWhile certain sectors may face headwinds, Singapore’s labour market is likely to remain stable, supported by broader economic factors like global policy rates and ongoing demand for workers in many industries.
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