Labour market outlook remains bleak despite silver lining in Q3, say economists

SINGAPORE - Singapore's labour market showed signs of improvement in the third quarter, but the overall job market picture remains gloomy ahead.

The figures for September are comparable to previous highs recorded during the Asian financial crisis in 1997 and global financial crisis of 2008-2009, but remain below the peak during the severe acute respiratory syndrome outbreak in 2003, MOM noted in its report. "Nonetheless, the labour market should bottom out in the fourth quarter and retrenchments should taper off. Now we are in the recovery mode, and the focus is on creating more jobs," he added.

More on this topic Dr Chua said that the recent increases in the qualifying salaries for employment pass and work pass holders will likely dampen and slow the employment recovery for non-locals. On the prospects ahead, Ms Ling said:"It's a trade off between the ramping up in economic activities, especially for construction and domestic services once we shift to Phase 3 versus the ticking clock for the various support schemes, such as the Jobs Support Scheme, which will taper off for selected industries going into 2021."

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Retrenchments, unemployment rate rise in Q3 but signs of improvement in labour marketSINGAPORE — The number of retrenchments and the unemployment rate in Singapore continued rising in the third quarter of this year even though the city-state exited from a two-month circuit breaker in June which halted most economic activities.
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