Singapore Q1 job growth slowed to 9,400 as retrenchments rose
What's new: Vacancies fell to 73,300, while 60.7% of retrenched residents found work within six months.
Singapore's labor market kept expanding in the first quarter, but hiring slowed and retrenchments edged higher. Total employment rose by 9,400, down from 17,700 in the previous quarter, while retrenchments increased to 3,830 from 3,690, according to the Ministry of Manpower's quarterly report released Monday. Job vacancies slipped to 73,300 in March from 77,700 in December, though openings still outnumbered unemployed people by 1.46 to 1. Resident employment growth strengthened to 5,400, with gains in administrative and support services and transportation and storage. The ministry said layoffs were concentrated in external-facing sectors including manufacturing, financial services and professional services, with business restructuring the main driver.