Chart of the Day: Job losses in manufacturing, construction dragged employment growth

Employment growth in 2H16 was flat.

The latest monetary Labour Market and Inflation report by the Monetary Authority of Singapore revealed that the overall net employment for the second half of 2016 was badgered by the job losses in the manufacturing and construction sector.

Manufacturing jobs dipped 5.1% while that in construction dropped 6.8%.

Employment growth was flat in the said period, in contrast to the 17,200 increase in H1, and 28,700 rise in the same period a year ago.

7,000 of manufacturing job losses were in transport equipment subsegment, due to sustained weakness in oil and gas-related activities that also affected, to some extent, the fabricated metal products and machinery & equipment industries. In the construction segment, the 6.8% average decline was weighed down by lacklustre private sector building activities.

A total of 23,400 workers were added across various services industries in H2 2016, a slight increase from 20,800 in H1, although still lower than the same period a year ago at 34,800.