Singapore’s labor market expanded at the slowest pace in six quarters in signs of cooling demand that may help tamp down price pressures.
(Bloomberg) — Singapore’s labor market expanded at the slowest pace in six quarters in signs of cooling demand that may help tamp down price pressures.
Jobs grew 33,000 in the first three months of 2023, easing from the 43,500 additions in the fourth quarter, according to a press release from the Ministry of Manpower on Thursday.
Retrenchments rose to 3,820, the most in nine quarters, with sectors like electronics manufacturing and financial services taking the biggest hit amid a global economic slowdown. Still, the city-state’s jobless rate was at 1.8% in the same period while non-resident employment exceeded pre-pandemic levels for the first time.
Singapore’s policymakers expect price pressures in the city-state to slow more discernibly in the second half of 2023 as imported inflation cools and tightness in the labor market eases. That may support a sustained pause from the Monetary Authority of Singapore when it decides on policy settings in October.
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