Singapore showing signs of cooling labour demand

Total employment expanded at a slower pace, retrenchments rose and job vacancies, while still high, dropped for a fourth straight quarter in the Manpower Ministry’s labour market report for the first quarter of 2023. — Bloomberg

SINGAPORE: Singapore showed signs of cooling labour demand in the latest market data released yesterdayon Thursday, and economists say the job market is likely to toughen further given economic uncertainty and global headwinds.

Total employment expanded at a slower pace, retrenchments rose and job vacancies, while still high, dropped for a fourth straight quarter in the Manpower Ministry’s (MOM) labour market report for the first quarter of 2023.