Singapore's labour market showed further signs of improvement in the third quarter of 2018, with more than doubling of total employment growth and lower retrenchments.
While resident and citizen unemployment rates held steady over the quarter, resident long-term unemployment rate has declined, Ministry of Manpower (MOM) said a press release on December 13.
The ratio of job vacancies to unemployed persons dipped, suggesting some easing in the tightening of the labour market. Nonetheless, there continues to be more vacancies than job seekers for the third consecutive quarter.
Total employment – excluding Foreign Domestic Workers (FDW) – grew by 16,7001 in 3Q 2018, compared with growth of 6,500 in the previous quarter. In the same quarter, fewer workers (2,860) were retrenched compared to the previous quarter (3,030) and a year ago (3,400).
MOM predicted that going forward, hiring momentum may moderate against a backdrop of external trade tensions and slowing growth in Singapore’s key final demand markets.
However, job opportunities continue to be available in sectors such as Information & Communications, Financial & Insurance Services, Healthcare, Professional Services, Wholesale Trade, and Built Environment.