TALENT MARKET UPDATESINGAPORE Q1 2017

RESIDENT UNEMPLOYMENT RATE

3.2% 4,000 REDUNDANCIES, DOWN FROM 5,440 IN Q4 2016

2.2% UNEMPLOYMENT RATE IN MARCH 2017, UNCHANGED FROM SEPTEMBER 2016

CITIZEN UNEMPLOYMENT RATE

3.5%

UNEMPLOYMENT UNCHANGED / Overall unemployment was unchanged in March 2017 from December

2016, remaining at 2.2% overall. Total employment fell by 6,800 in Q1, following growth of 2,300 in Q4

2016. Construction lost 12,500 jobs while manufacturing lost 4,300. The service sector gained 9,900 jobs.

4,000 workers were made redundant in Q1, with layoffs in manufacturing and services decreasing from Q4

2016, but increasing in construction.

Source: www.mom.gov.sg

2

Seasonally adjusted unemployment rates remained unchanged at 2.2% in March 2017 compared to December 2016. Resident and citizen unemployment rates also were unchanged, at 3.2% and 3.5%, respectively.

In March 2017, there were approximately 74,400 residents, including 67,100 citizens, who were unemployed, a small increase from the 73,900 residents and decrease from 67,300 citizens in December 2016.

Total employment decreased by 6,800 in Q1, after increasing 2,300 in Q4 2016. Total employment stands at 3,666,300.

SINGAPORE QUARTERLY EMPLOYMENT CHANGE AND UNEMPLOYMENT RATES

Source: Ministry of Manpower, Singapore

0

20

-20

40

60

80

Sep

201

3

Jun

2013

Dec

201

3

Mar

201

4

Jun

2014

Sep

201

4

Dec

201

4

Mar

201

5

Jun

2015

Sep

201

5

Dec

201

5

Mar

201

6

Jun

2016

Sep

201

6

Dec

201

6

Mar

201

7

Mar

201

3

Emp

loym

ent

(000

s)

2.0

2.5

3.0

3.5

4.0

Unm

plo

ymen

t (%

)

Employment Resident unempoymentCitizen unempoyment

3

REDUNDANCIES TOTAL EMPLOYMENT CHANGETOTAL UNEMPLOYMENT RATE

Q4

2015

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

Q4

2015

1.6%

1.5%

1.7%

1.8%

1.9%

2.0%

2.1%

2.2%

2.3%

2.4%

2.5%

Q4

2015

0

10

-10

20

30

40

50

Q4

2015

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

Q4

2015

1.6%

1.5%

1.7%

1.8%

1.9%

2.0%

2.1%

2.2%

2.3%

2.4%

2.5%

Q4

2015

0

10

-10

20

30

40

50

Q4

2015

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

Q4

2015

1.6%

1.5%

1.7%

1.8%

1.9%

2.0%

2.1%

2.2%

2.3%

2.4%

2.5%

Q4

2015

0

10

-10

20

30

40

50

Source: Ministry of Manpower, Singapore

Employment growth was negative in manufacturing and construction but positive for services. Employment in manufacturing continued to fall, by 4,300, the tenth consecutive quarter of contraction. Employment in construction also shrank, dropping by 12,500 workers, after falling 8,300 the previous quarter. Both these declines affected mostly Work Permit Holders. The services sector however grew by 9,900 workers, slower than 17,100 in the previous quarter.

Redundancy fell in Q1 with 4,000 workers made redundant compared to 5,440 in the previous quarter.

The services sector accounted for 2,440 or 61% of all redundancies, a decrease from 2,840 workers the previous quarter. Layoffs declined in manufacturing to 890 from 1,990, the lowest since 2Q 2015, but increased for construction to 660 from 580.

The manufacturing sector accounted for 22.3% of all redundancies while the construction sector accounted for 16.5%.

4

EMPLOYMENT MARKET WRAP

A longer job search is becoming more common among some groups of workers, as economic uncertainties and restructuring continue.

Worst off are the PMETs, or professionals, managers, executives and technicians, who form the majority of those laid off, according to Manpower Ministry (MOM) figures released yesterday.

The uphill task faced by the jobless is reflected in the long-term unemployment rate for residents, which crept back up to an eight- year high of 0.8 per cent in March.

It is also seen in the share of local residents, including permanent residents, who can get a job within six months of being laid off. This rate in the first quarter of this year slipped to 64.4 per cent, against 64.7 per cent in the fourth quarter of last year.

LONGER JOB SEARCH MORE COMMON, WITH PMETS HIT HARDEST

Source: The Straits Times Date: 14 June 2017

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ABOUT KELLY SERVICES®

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