Chart of the Day: New stores to boost hiring in retail

Survey shows firms within the retail industry expect to increase recruitment during the third quarter due to new shops opening.

The Singapore Department of Statistics reported:

Overall, a net weighted balance of 7% of firms in the services sector forecasts growth in operating receipts for the third quarter of 2012 over the preceding quarter. A net weighted balance of 9% of firms expects an increase in employment level over the same period.

Within the wholesale trade industry, a net weighted balance of 5% of firms predicts an improvement in earnings in Jul - Sep 2012. Dealers of food & beverages and electronic components are among those that foresee higher business activity. The industry expects the manpower demand to remain at a similar level during the quarter.

A net weighted balance of 6% of firms in the retail trade industry forecasts a drop in business volume for the next three months ending Sep 2012. This is mainly due to a decrease in promotional activities as compared to the previous quarter which coincided with the Great Singapore Sale. Meanwhile, firms within the industry expect to increase recruitment during the period due to the opening of new stores.

The transport & storage industry projects operating receipts and employment levels to remain stable for the period of Jul - Sep 2012 compared with Apr - Jun 2012.

For the accommodation industry, a net weighted balance of 45% of firms predicts higher receipts for third quarter 2012 compared with the previous quarter, in view of the upcoming Formula One Grand Prix in Sep 2012. Employment level is also expected to increase.

Firms in the food & beverage industry foresee income level to remain stable for the period of Jul - Sep 2012. Majority of the firms (a weighted 83%) expect employment level to remain the same.

In the information & communications industry, a net weighted balance of 10% of firms projects an increase in earnings for next three months ending Sep 2012. The industry projects hiring activity to remain unchanged during the period.

Firms in the financial and insurance industry expect turnover and employment level to remain the same for the period of Jul - Sep 2012 compared with Apr – Jun 2012.

For the real estate industry, both business receipts and employment level are expected to remain stable in Jul - Sep 2012.

The business services (excluding real estate) industry predicts higher receipts for the next quarter ending Sep 2012 compared with the preceding quarter. The employment level is expected to remain unchanged during the quarter.

Firms in the recreation, community & personal services industry foresee better business for the period of Jul - Sep 2012 compared with Apr - Jun 2012. In line with the anticipated increase in revenue, a net weighted balance of 22% of firms projects an increase in employment level over the same period.