Employment in Manufacturing grew by 3,500 for the first time, after fifteen quarters of decline.
The outlook for the labor market in Singapore continued to recover in the third quarter of 2018, with total employment showing a significant growth. Retrenchments were lower than the preceding quarter and the same period a year ago, while the resident and citizen unemployment rates held steady, according to data released by the Ministry of Manpower.
According to a statistics of the Ministry, recently, about 2,500 people are laid off over the past three months, compared to the 3,030 in the three months before. Services and manufacturing are among sectors that saw most of the retrenchments in this period.
With the restructuring, retrenchments can be expected to fluctuate. However, for the first three quarters of 2018, retrenchments were lower than the corresponding periods in the preceding two years, the Ministry of Manpower said.
The unemployment rates held steady from June 2018 to September 2018. It rose slightly at the overall from 2.0% to 2.1%. All rates remained at or below those seen in
September last year (overall: 2.1%). However, they were slightly elevated compared to the lows observed in March this year, reflecting the continued inflow of job seekers into the labor market. As employers quickened the pace of hiring, total employment grew by 15,200 in 3Q 2018, a reversal from the decline in 3Q 2017, and more than double that observed in 2Q 2018 (6,500).
Employment in Manufacturing grew by 3,500 for the first time, after fifteen quarters of decline. There was also employment growth in services, such as in professional services, information & communications, community, social & personal services, and financial & insurance. Employment in Construction continued to decline in 3Q 2018, albeit at a slower pace.
In September 2018, an estimated 67,000 residents were unemployed, higher than the 66,600 in June 2018. It was similar for citizens with about 59,100 were out of job, a slight rise from 59,000.
The Ministry expects labor demand to pick up in the second half of the year, in line with seasonal hiring.