Unemployment is close to pre-pandemic levels and Singapore's labor shortage problems are easing as a result.
We are in a decent state for local unemployment. The unemployment rate has gone down. He told CNBC that he thinks we are close to pre- Covid levels.
The long-term unemployment rate, which is defined as anyone who has been out of work for more than six months, has fallen to 0.8%. Pre-pandemic levels were close to zero. We're close to what it was before Covid.
In the first quarter of 2022, the total employment in Singapore increased by 42,000. Employers backfilled vacancies for jobs that are more reliant on migrant workers as border restrictions were gradually lifted.
The manpower ministry said in the first quarter figures that they expect the non-resident workforce to continue to recover, catching up with the strong resident employment growth.
The Russia-Ukraine conflict has weakened the demand outlook for some of our outward-oriented sectors.
More foreign workers are returning to Singapore due to the relaxed border restrictions, which will help alleviate the labor crunch in some sectors.
The construction sector was largely shut for two years because of a lack of manpower, according to the CEO of PropertyGuru Hari Krishnan. Building materials were affected by supply chain problems.
With the easing of the borders, we have seen a big increase in the number of foreign workers coming back to Singapore. The construction manufacturing process has recovered to more than 90 percent of pre- Covid levels.
He said that construction activity has gone up a lot.
More than 90 percent of foreign workers are foreign. Most of the pre-pandemic levels are looked at. Many contractors are catching up on lost time because many of the projects have begun.
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