Singapore’s job market continues to experience a decline in job postings, with a 3.1% drop in October marking the eighth consecutive monthly decrease, according to Indeed’s latest Hiring Lab report. Despite this downturn, the job market remains robust, with postings still 32% above pre-pandemic levels, maintaining a low unemployment rate.
The report highlights that 86% of occupations have job postings above pre-pandemic levels, with 8% more than doubling those figures. The sectors showing the highest demand include pharmacy, with a 181% increase, sport at 122%, and hospitality and tourism at 119%. Over the past three months, retail, hospitality and tourism, and healthcare have shown significant growth, with retail postings up by 17%.
Conversely, some sectors have seen notable declines. Childcare postings fell by 30%, driving by 24.9%, and sports by 18.6%. The report also notes a rise in remote work mentions, now at 8.2% of postings, particularly in IT infrastructure and support, insurance, and sales.
Callam Pickering, APAC Senior Economist at Indeed, notes that despite the decline in job postings, the Singapore labour market remains tight, with a low unemployment rate of 2.0% and ongoing skill shortages. The trend suggests that whilst job postings may continue to fall in the near term, the demand in key sectors remains strong.
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