Hiring prospects in Singapore will see a decline in Q4 2019, down by 7 percentage points (pp) from the previous quarter. It will also see an eight pp drop year-on-year (y-o-y).
According to the latest ManpowerGroup Employment Outlook Survey released today, a majority of the 669 employers surveyed in Singapore (77%) do not anticipate any increase or decrease in payrolls in Q4 2019.
On the other hand, just 13% anticipate an increase while a lower 8% expect a decrease in payrolls.
This, as a result, presents the weakest net employment outlook (+4%) for the country recorded in two years.
Note: The net employment outlook figure is derived by taking the percentage of employers anticipating total employment to increase and subtracting from this the percentage expecting to see a decrease in employment at their location in the next quarter.
Commenting on this, Linda Teo, Country Manager of ManpowerGroup Singapore, said: "Global and regional trade conflicts, plus warnings of a possible recession, have dampened business confidence in Singapore.
"Anticipating that business will be affected by the economic downturn, companies are limiting their hiring activity. Some companies are also turning to upskilling their employees instead of hiring new staff."
Hiring outlook across Singapore's seven industry sectors (seasonally adjusted)
Overall, of the seven sectors in Singapore, employers in five sectors expect to add payrolls in Q4 2019.
Public administration & education
Employers in the public administration & education sector anticipated the strongest labour market (outlook: +19%), with hiring intentions remaining 'relatively stable' as compared to Q3 2019.
That said, there is a considerable decline of 17pp when compared y-o-y.
Mining & construction
Employers in this sector have reported an outlook of +10% in the coming quarter, with 'some hiring opportunities' anticipated. Further, this sector's outlook remains relative stable as compared to Q4 2018 and quarter-over-quarter (q-o-q).
Lead photo and infographics / ManpowerGroup Singapore