Singapore – Total employment declines due to contractions in manufacturing and construction

By memberservices@staffingindustry.com (Danny Romero)

The Ministry of Manpower in Singapore has published its third quarter Labour Market Report which showed that the long-term unemployment rate has risen from a year ago and total employment has declined.

According to the report, total employment contracted by 2,700 in the third quarter of 2016, following slower growth in the past two-quarters. This was the first decline since the first quarter of 2015. The decline was primarily due to contractions in Manufacturing and Construction, mainly affecting work permit holders. Over the first nine months of 2016, total employment grew by 14,500, the lowest such growth since 2009.

Meanwhile, in the first nine months of 2016, 13,730 workers were laid off, higher than the same period in 2015 (10,220) and the highest since 2009 (21,210). However, re-entry rates have risen. More residents (49%) made redundant in the second quarter of 2016 secured re-employment by September 2016, an increase from the previous quarter (45%), after a general downtrend since December 2014 (59%).

After declining for six consecutive quarters, the number of seasonally adjusted job vacancies rose slightly from 49,400 in June 2016 to 50,800 in September 2016. However, the seasonally adjusted ratio of job vacancies to unemployed persons dipped to 0.91 in September 2016, from 0.93 in June 2016.

The Ministry states that the contraction in total employment, heightened redundancy levels and decline in job vacancies to unemployed ratio reflect the current subdued global economic conditions and ongoing economic restructuring.

Furthermore, the Ministry states that along with efforts to transform their industries and create quality jobs for their people, the tripartite partners will continue to step up help for workers affected by the economic situation to seize new job opportunities through SkillsFuture and Adapt & Grow initiatives amid this ongoing economic transition.

Source:: Staffing Industry Analysts Daily Newsfeed