Labor market expands for eighth consecutive quarter, but at a slower pace

  • Singapore’s labor market grew for an eighth straight quarter
  • Pace of hiring slowed amid sluggishness in the global economy
  • Total employment rose by 24,000 in Q3 2023
  • Number of retrenchments increased to 4,100 in Q3
  • Overall unemployment rate in Singapore remained at 2.0%

Singapore’s labor market continued its growth streak for an eighth straight quarter, but the pace of hiring has slowed due to the sluggish global economy. According to advance estimates from the Ministry of Manpower, total employment, excluding migrant domestic workers, increased by 24,000 in the third quarter of 2023. However, this growth rate is lower compared to the previous quarter. The number of retrenchments also rose to 4,100 in Q3, with the wholesale trade sector being the most affected. Despite these challenges, Singapore’s overall unemployment rate remained unchanged at 2.0% in September. However, the unemployment rate for citizens saw a slight increase to 3.0% from 2.9%.

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Factuality Level: 8
Justification: The article provides specific data from the Ministry of Manpower to support its claims about the growth in Singapore’s labor market. It also includes information about the increase in retrenchments and the unemployment rates. However, the article does not provide any analysis or context for the data, and it does not include any perspectives or opinions from experts or stakeholders. Therefore, while the factual information is presented, the article lacks depth and analysis.

Noise Level: 7
Justification: The article provides relevant information about the growth of Singapore’s labor market and the slowdown in hiring due to the global economic slowdown. It also includes data on the increase in retrenchments and the unemployment rates. However, the article lacks in-depth analysis, scientific rigor, and actionable insights. It mainly presents the facts without exploring the consequences or providing solutions.

Financial Relevance: Yes
Financial Markets Impacted: The article provides information on the labor market in Singapore, which can have implications for the country’s economy and potentially impact financial markets and companies operating in Singapore.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the growth of Singapore’s labor market and the slower pace of hiring due to the global economic slowdown. While this information is relevant to the financial sector, there is no mention of any extreme event or its impact.