Singapore – Overall unemployment rate remains steady at 2.1% in Q3

By memberservices@staffingindustry.com (Danny Romero)

Preliminary estimates from the Ministry of Manpower in Singapore showed that year-on-year, the seasonally adjusted unemployment rate remained the same at 2.1% in its third quarter ended in September. Compared with the previous quarter overall unemployment rate was the same.

Meanwhile, the Ministry added that the decline in total employment (excluding Foreign Domestic Workers) has been easing since the beginning of the year. It contracted by 2,500 in the third quarter of 2017 compared to a decrease of 4,200 during the same quarter a year ago. The decline in the third quarter of 2017 was mainly due to a decrease in Work Permit Holders in Marine and Construction, a result of low oil prices and continued weakness in construction activities respectively. However, the Ministry added that this was partly offset by the pickup in employment in Services including Professional Services, Information & Communications, Administrative & Support Services, Finance & Insurance and Accommodation.

The Ministry also stated that its September preliminary estimates also showed that 3,600 workers were retrenched in the third quarter of 2017, which was less than a year ago (4,220). It is also the third consecutive quarter where retrenchments remained lower than the corresponding quarter a year ago. Retrenchments edged down in Manufacturing, and remained similar in construction and services compared with the previous quarter.

According to the Ministry, labour demand is expected to pick up in Q4 2017, in line with seasonal hiring as seen in previous years. Hiring remains cautious in sectors such as Construction and Marine, while job opportunities continue to be available in other sectors, particularly Infocomms & Media, Finance & Insurance, Healthcare, Professional Services, and Wholesale Trade.

Source:: Singapore – Overall unemployment rate remains steady at 2.1% in Q3