Selected services industries are picking up the slack.
There's no denying that jobs are getting harder to find in the city-state, but some upsides remain in Singapore’s employment market.
According to analysts from OCBC, while the moderation in job growth has swept all sectors, including manufacturing suffering its 5th straight quarter of job losses and marking the worst annual job performance since 2009, selected industries helped buffer the labour situation.
“These included CSP, F&B, infocomms, financial & insurance services, and professional services,” OCBC said.
Meanwhile, OCBC adds that higher have not necessarily upped citizen/resident unemployment rates.
“Second, business and economic restructuring has contributed to higher redundancies of 4,200 workers in 4Q15, up 21% qoq and 7.4% yoy. For 2015 as a whole, redundancies have risen to 14,400, stemming from increased layoffs in the manufacturing (+26% yoy to 5,000 in 2015) and services (+7.4% yoy to 7,800 in 2015) sectors,” OCBC added.
Do you know more about this story? Contact us anonymously through this link.