Payrolls are forecast to grow in all seven during the coming quarter. However, hiring plans have weakened in four of these, when compared with the July to September period.
A recent survey of 11,500 employers, in seven Asia Pacific countries and territories, found that payrolls are forecast to grow in all seven during the coming quarter. However, hiring plans have weakened in four of these, when compared with the July to September period.
For Q4 2021, India’s employers report a return of "bullish hiring sentiment not seen in the survey since 2014", with sharp improvements in comparison to the prior quarter and last year at this time. The most "dynamic" hiring activity is anticipated in services, manufacturing, and finance, insurance & real estate, while steep year-on-year (y-o-y) increases are reported in all seven sectors.
Over in Japan, employers also expect a measure of recovery in the labour market, reporting their strongest hiring sentiment since before the COVID-19 outbreak in March 2020. Job gains are expected in all seven Japanese industry sectors, with the strongest hiring activity anticipated in the finance, insurance & real estate, mining & construction, and services sectors.
In the region’s largest labour market, Chinese employers expect a steady hiring pace to continue in Q4 2021. Per the report, while the overall outlook for China’s labour market is slightly weaker when compared with the previous quarter, hiring plans remain stronger y-o-y in all nine regions.
Additionally, employers in the services and manufacturing sectors anticipate an upbeat hiring pace, reporting the strongest hiring activity across the seven sectors during the next three months.
Employers in Hong Kong have noted their strongest hiring intentions since the start of 2020, anticipating a "fair hiring climate" in the coming quarter. According to the report, the outlook is "moderately stronger quarter-over-quarter (q-o-q) and improves considerably when compared with this time one year ago, in part fuelled by an upbeat hiring pace in the finance, insurance & real estate sector and encouraging signs in the services sector labour markets."
The Taiwanese labour market is forecast to maintain "healthy levels" of hiring during the next three months – particularly in the manufacturing and mining & construction sectors – although hiring prospects have weakened in six of seven industry sectors q-o-q, and also dip in five sectors compared to the year before.
Meanwhile, a more uncertain hiring pace is anticipated in Singapore, with employers reporting weaker hiring plans across all seven industry sectors in comparison with the prior quarter.
Of the 519 employers surveyed, 35% expect to increase payrolls, 37% forecast a decrease and 26% do not anticipate any change. In that vein, while finance, insurance & real estate sector employers expect the healthy hiring pace to hold steady, employers in five sectors expect to trim headcount during the next three months, including a "gloomy" outlook for the services sector.
Lastly, similar to Singapore, Australian employers also report weaker hiring sentiment in comparison with the third quarter of 2021, although workforce gains are still expected in all seven industry sectors, most notably the mining & construction, services, and transportation & utilities sectors.
Payroll growth is also expected in all eight Australian regions, including Northern Territory, where "hiring plans are the strongest in 10 years", the report highlighted.
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