More residents were employed in growth sectors like financial services and information and communications, while resident employment fell in lower-skilled sectors.
The article from Channel News Asia discusses Singapore's labor market trends for the fourth quarter of 2023. It highlights a continued tightness in the labor market, with an increase in employment, particularly in higher-skilled jobs. Despite this, the unemployment rate remained low, indicating robust job creation. However, there was a slight rise in retrenchments, mainly in sectors like manufacturing and information technology. The vacancy rate also saw a decline, suggesting a potential easing in labor demand. The report also notes a shift towards more permanent employment, with fewer part-time and temporary positions. Overall, the labor market showed resilience, but with signs of adjustments in specific sectors.
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