Singapore Q3 Employment: Retrenchments Rise but Total Jobs Grow, Unemployment Stays Low Though On Slow Uptrend
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Retrenchments in Singapore rose to 4,100 in Q3 2023, up from 3,200 in Q2, largely due to the wholesale trade sector.
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Total employment grew for the 8th straight quarter in Q3 2023, with increases in both residents and non-residents.
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Unemployment rates remained low at 2.8% for residents and 2% overall in September 2023.
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Unemployment is on a "slow uptrend" and may continue rising amid economic uncertainty.
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Hiring sentiments have worsened, with fewer firms planning to hire or raise wages in the next 3 months.