In the second quarter of the year, Singapore's labor market witnessed a significant expansion, primarily driven by the employment of non-residents. According to recent statistics released by the Ministry of Manpower, total employment in Singapore increased by 11,300 jobs during this period. This constitutes a remarkable surge compared to the first quarter, which saw an addition of only 4,700 jobs. The employment landscape changed notably, with approximately 12,000 non-residents entering the workforce, contrasting against a drop of 600 employed residents.
Notably, total employment gain for the quarter was 16,000, with non-resident employment contributing 11,200 jobs and resident employment rising by 4,900. The surge in non-resident employment was prominently observed in the construction and manufacturing sectors, both of which rebounded impressively from their previous quarterly performances.
This trend signals a potential recovery for these crucial sectors that are vital to Singapore's economic framework. Furthermore, the overall unemployment rate has shown positive signs, easing to 2% in June, a reduction from the previous month's rate of 2.1%. This downward trend in unemployment is an encouraging indicator of the resilience and recovery of Singapore's labor market amidst global economic challenges.
As these developments unfold, monitoring the labor dynamics will be crucial for stakeholders and policymakers aiming to sustain this growth trajectory..