Labour market holds up in 2019, although unemployment rates edge higher: MOM report

SINGAPORE: Singapore’s labour market held steady in 2019, although unemployment rates edged up, according to a Ministry of Manpower report released on Thursday .

Labour market trends for the fourth quarter of the year were mixed, with total employment growing at a slower pace and the long-term unemployment rate as well as retrenchments inching up. This reflected continued growth in local employment and foreigner increases in the construction sector, said MOM. Employment growth among locals came in at 28,300, slightly lower than for foreigners and marking a small increase from the growth of 27,400 in 2018.

However, the end of the year saw a slight uptick, with the number of people laid off in the fourth quarter of last year – 2,670 – slightly higher compared to the previous quarter as well as a year ago. The seasonally adjusted ratio of job vacancies to unemployed people was unchanged in December compared to September, as both the number of unemployed people as well as vacancies for the whole economy declined.The outlook for the labour market is expected to be subdued, said MOM, given global economic uncertainties and the evolving COVID-19 outbreak.

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