In Singapore, total employment grew by 11,300 in Q2 2024, more than double the increase in Q1 2024 (4,700), according to the latest labour market data by the Ministry of Manpower.

Non-residents (12,000) accounted for all the increase, while resident employment declined marginally by approximately 600. In the first half of 2024, total employment grew by 16,000, with both resident and non-resident employment growing by 4,900 and 11,200 respectively.

Unemployment rates have trended lower in the June 2024 quarter (overall: 2.0%; resident: 2.7%; citizen: 2.8%) compared to March 2024. The resident long-term unemployment rate in June 2024 remained the same as March 2024 at 0.8%.

The number of layoffs remained low in Q2 2024 but rose slightly from the previous quarter (1Q 2024: 3,030; 2Q 2024: 3,270), with increases in financial & insurance services and wholesale trade. Across the economy, most firms cited business reorganisation or restructuring in Q2 2024 as the reason for layoffs. Layoffs due to concerns of recession or downturn in the sector have declined, as local external demand outlook is expected to be resilient for the rest of 2024.

Although more than half of all laid off residents were able to re-enter employment within six months post-retrenchment, the resident rate of re-entry dipped from 59.4% in Q1 2024 to 55.0% in Q2 2024.

Meanwhile, the number of job vacancies in the June 2024 quarter (81,200) held steady compared to March 2024 quarter (81,900). With the decline in the number of unemployed persons, the ratio of job vacancies to unemployed persons increased from 1.56 in March 2024 to 1.67 in June 2024.

The Ministry said the labour market has performed well in H1 2024. Looking forward, the Ministry expects labour market momentum to be sustained, with wages and employment continuing to grow in tandem with economic growth.