Latest finalised quarterly figures paint a mixed picture of the labour market.
SINGAPORE – The number of job vacancies in Singapore increased in March 2024 even as the number of people unemployed inched up, as a mixed picture emerges from the latest quarterly report on the labour market.
Although the number of job vacancies rose, the ratio of job vacancies to unemployed people declined from 1.74 in December 2023 to 1.56 in March 2024, owing to a slight increase in the number of unemployed people, MOM said.Meanwhile, retrenchments declined for the second consecutive quarter, from 3,460 in the fourth quarter of 2023 to 3,030 in the first quarter of 2024.
For wholesale trade, retrenchment numbers shrank from 510 to 330 between the fourth quarter of 2023 and first quarter of 2024.Though the number of retrenchments in information and communications also declined from 620 to 580 over the same period, the level remained elevated compared with other industries, MOM said.
The increase in the resident long-term unemployment rate was driven by those aged below 30, which rose from 1 per cent to 1.2 per cent, and those 60 and over, which grew from 0.7 per cent to 0.9 per cent. The report also found that employment growth slowed, but all the growth came from Singaporeans and permanent residents, as the number of employed foreigners fell by 800, the first decline since the third quarter of 2021.
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