Singapore Employment Rose in First Quarter

By Amanda Lee

SINGAPORE--Singapore's employment rose in the first quarter rose but continued losing momentum.

Total employment, excluding migrant domestic workers, rose by 4,700 in the first three months of the year, according to revised data from the Ministry of Manpower on Thursday. That compared with an increase of 7,500 in the fourth quarter of 2023.

First-quarter growth was driven solely by an increase in resident employment, particularly in financial and insurance services and public administration, the ministry said in a statement.

Retrenchments fell to 3,030 in the first quarter from 3,460 in the final quarter of 2023, as retrenchments in outward-oriented sectors such as wholesale trade and electronics manufacturing fell, the ministry said.

Singapore's overall unemployment rate edged up slightly in March to 2.1%, the ministry said.

March unemployment rates among residents and citizens were at 3.0% and 3.1%, respectively.

"With slowing resident workforce growth and low resident unemployment rates, continued growth in resident employment is likely to become more muted," the ministry added.

Write to Amanda Lee at amanda.lee@wsj.com

Corrections & Amplifications

This story was corrected at 0612 GMT. Singapore's employment rose in the first quarter, not employment rate as the original version reported.

(END) Dow Jones Newswires

June 20, 2024 00:24 ET (04:24 GMT)

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