Getting a job will be harder in 2012

Hiring sentiments moderating along with weaker forward outlook. Employment grew strongly in Singapore in 9M11, with an estimated 85,400 jobs created, bringing the unemployment rate from 2.1% in Sep 10 to 2.0% in Sep 11. Hiring sentiment has weakened in 4Q11, with a net 2% of manufacturers foreseeing lower employment in the quarter while a net 7% of service companies are looking to hire additional workers, according to the Business Expectations Survey conducted by EDB and the Department of Statistics.

Hiring sentiments have turned negative in the bellwether financial services, electronics and precision engineering manufacturing sectors in 4Q11, reversing from a positive outlook in 3Q11. UOB ETR expects unemployment to rise to 2.4% in 2012 in the light of the weakening outlook.