Financial services industry employment to increase 38% in 1Q 2011

A net weighted balance of 27% of firms anticipates higher operating receipts for first quarter 2011.

According to the Business Expectations Survey conducted by the Department of Statistics Singapore, the services sector expects both the revenue and employment levels to rise for first quarter 2011 over
the preceding quarter, with net weighted balances of +13% and +15% respectively.

A net weighted balance of 22% of wholesalers expects higher operating receipts for the period of Jan - Mar 2011 compared with Oct - Dec 2010. Dealers of food & beverages, and industrial machinery & equipment are among those that predict sales to increase. The industry foresees more hiring during the quarter.

Within the retail trade industry, a net weighted balance of 22% of retailers projects lower level of business for the next three months ending Mar 2011. In particular, retailers of motor vehicles foresee slower sales during the quarter. The level of employment, however, is expected to increase, mainly due to more hiring by department stores and retailers of cosmetics & toiletries.

The transport & storage industry anticipates the operating receipts to remain stable for the three-month period ending Mar 2011. The industry, in particular land transport firms, expects to recruit more workers during the period.

Hoteliers foresee stable turnover and manpower demand for the period of Jan - Mar 2011 compared with Oct - Dec 2010.

For the catering trade industry, a net weighted balance of 14% of firms predicts higher revenue for the next three months ending Mar 2011. In terms of employment, a net weighted balance of 14% of firms foresees more hiring.

Firms in the information & communications industry generally project stable output for first quarter 2011 over the preceding quarter. The industry expects an increase in manpower in the coming months.

Within the financial services industry, a net weighted balance of 27% of firms anticipates higher operating receipts for the period of Jan - Mar 2011. Correspondingly, the employment level is expected to rise during the same period.

In the real estate industry, firms foresee stable sales for the three-month period ending Mar 2011. The industry expects higher employment level in the coming months, due mainly to more hiring from firms engaged in the operation of service apartments as well as real estate management firms.

Firms in the business services industry predict higher turnover for the period of Jan - Mar 2011 compared with Oct - Dec 2010. In line with the expected increase in revenue, a net weighted balance of 14% of firms foresees more hiring during the period.

In the amusement & recreation industry, a net weighted balance of 60% of firms foresees higher receipts in the first quarter 2011 over fourth quarter 2010. Correspondingly, more workers are expected to be recruited during the period.