Hiring in services down by 8,100

Turns out there was lower demand for workers in the hospitality-related segments in the first quarter.

According to a report by the Monetary Authority of Singapore, hiring in services was reduced from 30,900 in the fourth quarter of 2010 to 22,800 in the first quarter of this year. Also, manufacturing reduced headcount by 500.

The report noted, however, that there was pickup in hiring in the financial services, business services and other services sectors, which together accounted for almost two-thirds of the jobs created in Q1 2011. Construction continued to expand employment modestly by 1,100 in Q1, primarily for the public-sector contracts.

MAS said, “The outlook for employment in the services sector remains bright, with a net-weighted 18% of firms projecting an increase in headcount in the latest Business Expectations Survey, compared to 15% in the preceding Survey. Employers in financial services are the most optimistic, with almost 40% expecting to hire in Q2. Manufacturers also intend to add workers in Q2, with hiring likely to be concentrated in transport engineering, chemicals and precision engineering.”

Meanwhile, overall wages grew by 8.5% y-o-y in Q1 2011, up from 7.5% in the preceding quarter.