The Singapore labor market is showing signs of slowing down. Total employment grew at a slower rate, and job vacancies dipped for the fourth straight quarter, according to the Ministry of Manpower labor market report for the first quarter of 2023.

Retrenchments rose to 3,820, the highest in nine months, with sectors such as electronics manufacturing and financial services being the hardest hit. 70 percent of retrenched Singapore citizens and permanent residents managed to find a new job within six months. The city-state’s job market is likely to toughen further owing to economic uncertainty and global headwinds.