Labour demand shows signs of easing in Q1 as job vacancies fall for 4th straight quarter

WHILE Singapore’s labour market remains tight, there are some signs of cooling labour demand in the first quarter, said the Ministry of Manpower (MOM) in the latest Labour Market Report on Thursday (Jun 15).

Both the number of job vacancies and the ratio of job vacancies to unemployed persons “remained high but have both eased”, while employment growth moderated from the previous quarter, said MOM.

“It is unsurprising that the domestic labour market has begun to soften slightly,” said OCBC chief economist Selena Ling, noting that the external economic environment has turned more challenging due to the recent bank failures in the US, the ongoing semiconductor downcycle, recent market disappointment on the strength of China’s reopening, and more hawkish surprises from major central banks.