Total employment growth slows in Q2, even as retrenchments remain low: MOM preliminary data

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A low number of retrenchments recorded suggests that employers are choosing to hire with caution, rather than retrench their existing workers.
source
The Straits Times

Total employment in Singapore continued to grow in the second quarter of 2019, but at a slower pace compared to Q1 and the same period last year, the Ministry of Manpower (MOM) has said in an advance release of its labour report.

However, a low number of retrenchments recorded suggests that employers are choosing to hire with caution, rather than retrench their existing workers.

MOM’s preliminary data showed that there were 2,300 retrenchments in Q2, lower than 3,230 in Q1 and 3,030 in the same period last year.

All three broad sectors – manufacturing, construction and services – saw declines in retrenchments in Q2, MOM added.

According to MOM, preliminary data also showed that total employment grew 4,000 in Q2, a sharp drop from 10,700 in Q1. Employment in Q2 last year was recorded at 6,500.

Despite the lower numbers, employment growth was “robust” in certain sectors, namely: information & communications, professional services, community, social & personal services and financial services.

But employment growth in the broad category of services slowed because these increases were offset by a decline in retail trade employment, MOM said.

Seasonally adjusted, overall unemployment rate was unchanged in June at 2.2 per cent, MOM said. However, the unemployment rate rose over the quarter from 3 per cent to 3. 1 per cent for residents and from 3.2 per cent to 3.3 per cent for citizens.