There have been signs of improvement in the Singapore’s employment market in the third quarter with the pace of hiring picking up and decline in the number of retrenchments, revealed the latest report of the Ministry of Manpower (MOM) released today.
“The labour market showed further signs of improvement in the third quarter, based on preliminary data. Total employment growth in the third quarter more than doubled from that in the preceding quarter while the resident unemployment rate held steady. Retrenchments in the third quarter were lower than the preceding quarter and the same period a year ago,” said a press release issued by MOM.
There has been growth in total employment (excluding foreign workers) which surged to 15,200 jobs, more than double that was observed in the previous quarter (6,500).
The higher employment growth in the third quarter was broad based. Increases were observed in manufacturing after fifteen consecutive quarters of decline. There were also gains in services, such as in professional services, information & communications, community, social & personal services and financial and insurance.
However, employment in construction continued to decline, albeit at a slower pace.
During this period, about 2,500 workers were retrenched. This is a decline from the 3,030 workers retrenched in the previous quarter and 3,400 in the same period a year ago.
The seasonally adjusted unemployment rates among residents (2.9 per cent) and citizens (3.0 per cent) were unchanged from June 2018 to September 2018, while the overall rate rose slightly (from 2 per cent to 2.1 per cent).
MOM concluded that job opportunities continue to be available in various sectors, such as in infocommunications & Media, finance & insurance, healthcare, professional services, wholesale trade, and built environment. However, as the labour market begins to tighten, employers may face greater challenges filling vacancies.
“Given the ongoing economic restructuring and the changing demand for jobs and skills, it is important that workers and businesses stay agile and responsive to market demand,” advised MOM.