Preliminary indicators on Singapore’s labour market in Q1 2019 point to a growth of 12,000 in total employment growth (excluding foreign domestic workers), lower than Q4 2018 (14,700), but higher than 1Q 2018 (400). This is per the Labour Market Report Advance Release 1Q 2019.
This growth was mainly in services sectors, i.e.:
- Community, social & personal services
- Administrative & support services
- Professional services
- Financial services
- Transportation & storage.
Employment in construction increased slightly, after eleven consecutive quarters of decline, while manufacturing continued to shed workers.
Retrenchments similar to Q4 2018
There are approximately 2,500 retrenchments in Q1 2019, similar to Q4 2018 layoffs at 2,510, though slightly above Q1 2018 (2,320). Retrenchments declined over the quarter in services, increased in manufacturing, and remained unchanged in construction.
Overall, according to the Ministry of Manpower (MOM), the labour market seems to be holding up. As stated in the press release: “Amid signs of external economic headwinds and uncertainty in 2019, and as economic restructuring continues apace, MOM and Workforce Singapore (WSG) will work closely with our tripartite partners to help Singaporeans secure good jobs through the Adapt & Grow Initiative.”
Photo / Ministry of Manpower