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Labour market remains 'resilient'

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Overall unemployment in Singapore crept up in the third quarter of this year to the highest level since the global financial crisis in 2009, and more workers were retrenched. At the same time, employment growth shot up to the highest level in nearly five...

The rate for Singaporeans rose to 3.3 per cent, from 3.2 per cent, while the rate for citizens and permanent residents combined rose to 3.2 per cent, from 3.1 per cent. These were the highest in more than two years.Retrenchments rose to 2,900 last quarter, up from 2,320 in the preceding quarter and 2,860 a year ago. Services continued to form the bulk of retrenchments.

This was largely due to more people finding work in the services sector, though employment also grew in construction and manufacturing. The data suggests that mismatches in the labour market are widening, Manpower Minister Josephine Teo said in a Facebook post. The growth in service sector employment was mainly in community, social and personal services, professional services and information and communications, said MOM.With increasing private and public sector construction activities, 5,300 more people were also employed in construction in the last quarter.

 

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