Singapore Labour Market Chills: More Unemployment, Lesser Jobs
Singapore’s labor market is showing signs of cooling, with unemployment increasing in July and job vacancies continuing to decline in Q2 of 2023. This has affected both Singaporeans and residents. While long-term unemployment rates improved slightly, job vacancies continued to decrease for the fifth consecutive quarter, particularly in professional services, information and communications, and financial services sectors. Despite fewer vacancies, there are still nearly two job openings for each unemployed worker. Singapore’s overall employment seems to have expanded in Q2, but at a slower pace, with more foreigners getting jobs than residents.