Resident employment had already surpassed pre-Covid-19 levels by 4%, according to 2Q2022 advance estimates.
DBS Group Research has reinstated its coverage on HRnetGroup with a “buy” call as it sees the group being a beneficiary of the tight labour market in Singapore.
In the 1H2022, Singapore’s job market remains tight with the job vacancy-to-unemployed person ratio at 2.5, the highest in 24 years since 1998. According to the Ministry of Manpower (MOM), which released its labour market report for the 2Q2022 on Sept 14, total employment was up 66,500 in the quarter, compared to the 42,000 in 1Q2022. The higher figures were partly due to the substantial growth seen in the construction and manufacturing sectors.
