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Singapore – Labour trends in fourth quarter mixed as unemployment rises slightly
Singapore’s labour market trends in the fourth quarter of 2018 were mixed as total employment continued to grow, although at a more moderate pace. There was a slight uptick in the unemployment rates compared to the previous quarter, according to the Labour Market Advance Release from Singapore’s Ministry of Manpower.
The overall unemployment rate rose slightly over the quarter from 2.1% in September 2018 to 2.2% in December 2018. It rose from 2.9% to 3.0% for residents and 3.0% to 3.1% for citizens, after holding steady in the previous quarter.
Total employment (excluding Foreign Domestic Workers (FDW)) increased by 15,600 in the fourth quarter of 2018, slightly lower than the preceding quarter (16,700). The increase was due to employment growth in Services, primarily from seasonal hiring. Manufacturing employment decreased over the quarter, while Construction employment was unchanged.
Meanwhile, layoffs in the fourth quarter of 2018 (2,800) were similar to the third quarter (2,860), and lower than a year ago (3,680).
The Labour Market Advance also published data for the full year 2018 and showed that the labour market improved in 2018. The average unemployment rates for the whole of 2018 (average of 4 quarters) were lower than 2017.
The labour market improved in 2018. Total employment as well as local employment grew. Annual average unemployment rates were lower than a year ago and retrenchments were significantly fewer.
Total employment (excluding FDW) grew by 39,300 in 2018. The growth among locals (28,400) was more than double that of foreigners (excluding FDW: 10,900), with local increases in Services industries such as Community, Social & Personal Services, Transportation & Storage, Financial & Insurance Services, Information & Communications, and Professional Services.
The number of layoffs in 2018 (11,020) was significantly lower than in 2017 (14,720), as the economy continued to expand in 2018. Retrenchments declined across the three broad sectors (Construction, Manufacturing and Services) over the year.
Singaporean workers continued to earn higher incomes in the recent five years. The real median income (including employer CPF (Central Provident Fund) contributions) of full-time employed Singaporeans increased by 3.6% per year from 2013 to 2018, significantly higher than the 1.7% per year in the previous five years.
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