Singapore Q3 retrenchments rise to 4,800; resident unemployment edges up to 3%: flash data
Manpower Ministry flags ‘emerging weaknesses’ in labour market
The Ministry of Manpower (MOM) in Singapore reported a rise in retrenchments to 4,800 in Q3, up from 4,620 in Q2. The layoffs were primarily concentrated in the information and communications, financial services, and manufacturing sectors due to business restructuring. Meanwhile, citizen unemployment increased to 3.1% in September from 3% in August, while resident unemployment rose to 3% from 2.9%.
However, overall unemployment remained steady at 2%. Employment grew by 27,700 in the third quarter, a significant increase from the 11,400 growth seen in Q2 and a 10.4% year-on-year rise. Despite the overall growth, most of the gains were attributed to non-residents in construction and manufacturing. Resident employment was bolstered by essential and public services, but sectors facing external challenges saw limited expansion.
MOM's data suggested continued global economic uncertainty, with employers hesitant to hire or increase wages. MOM also noted that employers' expectations for hiring or wage increases remained below July levels.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
