SINGAPORE, Jan. 27 (Xinhua) -- Singapore's labor market continued to expand in the fourth quarter of 2024, with total employment rising by 8,700, according to the latest Labor Market Report by the Ministry of Manpower (MOM) published Monday.

While this marked a slowdown compared to the 22,300 jobs added in the third quarter, it was a significant increase from the 3,900 recorded in the same period in 2023.

Resident employment growth was driven by higher-skilled sectors such as professional services, financial services, and health and social services.

Year-end seasonal hiring also provided a boost to retail trade. Non-resident employment saw gains primarily in the construction sector, while outward-oriented industries like information and communications experienced declines.

For the full year, total employment increased by 45,500, a slower pace compared to the 78,800 recorded in 2023.

A December 2024 survey by the MOM showed growing optimism among employers, with 46 percent planning to expand their workforce and 32 percent intending to raise wages. However, the MOM emphasized the importance of transformation and upskilling in navigating global economic uncertainties.

The report noted that the employment figures exclude migrant domestic workers, whose data is reported separately in the MOM's foreign workforce updates. Enditem

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