Total employment growth more than doubled to 16,700 in Q3

Growth occurred mainly in the community, social & personal services and financial & insurance sectors.

Total employment growth, excluding foreign domestic workers (FDW), more than doubled to 16,700 in Q3 compared with the growth of 6,500 in Q2, according to an announcement by the Ministry of Manpower (MOM).

Employment growth occurred mainly in the sectors of community, social & personal services, financial & insurance services, information & communications and professional services, the announcement revealed.

Seasonally adjusted unemployment rates amongst residents and citizens held steady over Q3 at 2.9% and 3% respectively, whilst the overall rate rose slightly from 2% to 2.1%.

Whilst these figures remained at or below those seen in September 2017, they were slightly higher than the two-year lows observed in March 2018 therefore reflecting a continued inflow of job seekers into the labour market.

“The seasonally adjusted resident long-term unemployment rate declined from 0.7% in June 2018 to 0.6% in September 2018,” MOM said in a statement. “This suggested that workers are better able to secure employment as economic conditions improved.”

Meanwhile, fewer workers were retrenched in Q3 2018 at 2,860 compared to the previous quarter (3,030) and in Q3 2017 (3,400). YTD, the total number of retrenchments was lower at 8,220 compared to 11,040 during the same period in 2017.

“Business restructuring and reorganisation remained the top reason for retrenchment YTD,” MOM explained.

Re-entry rates amongst retrenched residents declined in Q3 from 64% to 62% which is similar to that seen in Q1 at 61%. The decline came from those previously employed in clerical and production-related jobs, data showed.
Additionally, the tightening of the labour market has eased as the ratio of job vacancies to unemployed persons dipped from 1.1 in June to 1.05 in September. However, MOM stressed that there continues to be more vacancies than job seekers for the third consecutive quarter.

“Going forward, hiring momentum may moderate against a backdrop of external trade tensions and slowing growth in Singapore’s key final demand markets,” MOM highlighted. “Job opportunities continue to be available in sectors such as information & communications, financial & insurance services, healthcare, professional services, wholesale trade and built environment.”