In its Labour Market Advance Release for the first three months of 2017, the Ministry of Manpower (MOM) said market indicators were mixed between January and March.
Based on preliminary estimates, the number of workers being laid off declined. The resident unemployment rate remained unchanged.
However, total employment contracted due to the continued weakness in marine and offshore engineering, and the construction sectors.
Highlights:
Unemployment: The overall unemployment rate increased marginally from 2.2 to 2.3 per cent.
Total employment: Declined by 8,500 in the first quarter of 2017 after growth of 2,300 in the previous quarter, mainly due to a decrease in Work Permit Holders in Marine and Construction. At the same time, services employment continued to grow, though it was slower than the first quarter of 2016.
Redundancies: Some 4800 workers were laid off between January and March 2017. This was lower than the 5,440 made redundant in the fourth quarter of 2016. Redundancies declined in manufacturing, but continued to increase in construction and services.
Outlook
MOM said the labour market outlook is likely to remain uneven across sectors.
Hiring in some sectors remains cautious, but opportunities will continue to be available in others like healthcare, finance and insurance and certain segments of manufacturing.
