Total employment expanded for the eighth consecutive quarter in the third quarter of 2023, comparable to the increase in the second quarter. Employment growth came from both residents and non-residents.
Resident employment gained in growth sectors such as Financial Services and Professional Services, which had generally higher-paying jobs, as well as Health and Social Services.
Non-resident employment grew while resident employment contracted in sectors such as Retail Trade, Food and Beverage Services, and Administrative and Support Services, where jobs taken up by residents were typically temporary in nature. Non-resident employment also grew in Construction.
Retrenchments rose to 4,100 in the third quarter from 3,200 in the previous quarter. A majority of this increase was from Wholesale Trade, reflecting the weaker external outlook the sector has faced. The number of retrenchments in other remaining sectors remained broadly stable or had declined.
Despite higher retrenchments in the third quarter, unemployment rates have been largely stable and remained low in September 2023. Overall unemployment stayed at 2 percent while resident unemployment was at 2.8 percent. Only citizen unemployment inched up marginally to 3 percent, up from 2.9 percent in August.
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