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

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Tessa Oh

Tessa Oh

Published Thu, Jun 15, 2023 · 10:30 AM
    • Job vacancies have fallen for the fourth straight quarter to 99,600 in March. While the ratio of job vacancies to unemployed persons has declined from December, it has remained high at 2.28.
    • Job vacancies have fallen for the fourth straight quarter to 99,600 in March. While the ratio of job vacancies to unemployed persons has declined from December, it has remained high at 2.28. PHOTO: BT FILE

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    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.

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