Singapore now has more vacancies than job seekers for the third quarter
According to 'Labour Market Report 3Q2018' by the Ministry of Manpower (MOM), total employment excluding foreign domestic workers has more than doubled from the previous quarter, growing by 16,700 compared with growth of 6,500 in 2Q18. However, the ratio of job vacancies to unemployed persons dipped, suggesting some easing in the tightening of the labor market.
Job opportunities continue to be available in sectors such as Information & Communications, Financial and Insurance Services, Healthcare, Professional Services, Wholesale Trade, and Built Environment.
The seasonally adjusted unemployment rates among residents (2.9%) and citizens (3.0%) held steady from June 2018 to September 2018, while the overall rate rose slightly (from 2.0% to 2.1%). All rates remained at or below those in September 2017. However, they were slightly higher than the two-year lows observed in March 2018, reflecting a continued inflow of job seekers into the labor market. The seasonally adjusted resident long-term unemployment rate declined from 0.7% in June 2018 to 0.6% in September 2018. This suggested that workers are better able to secure employment as economic conditions improved.
Fewer workers were retrenched in 3Q 2018 (2,860)compared to the previous quarter (3,030) and a year ago (3,400). The total number of retrenchments in the first nine months of 2018 (8,220) was lower than the same period last year (11,040). Business restructuring and reorganization remained the top reason for retrenchment in the first nine months of 2018.
The ratio of job vacancies to unemployed persons dipped from 1.10 in June 2018 to 1.05 in September 2018. Nonetheless, there continue 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. Given the ongoing economic restructuring and the corresponding challenge of jobs-skills mismatch, it is important that workers and businesses stay agile and responsive to market demands.