All you need to know about MOM's Labour Market Advance Release 2Q 2017

According to the latest Ministry of Manpower (MOM) Labour Market Advance Release 2Q 2017, the resident unemployment rate and retrenchments have improved from 1Q 2017 in Singapore.  

However, the total employment continued to decline, largely reflecting a decrease in work permit holders  in construction and marine. Some of the main findings included:

• Unemployment rate declined for residents and citizens, while the overall unemployment rate remained unchanged.
• Total employment continued to decline, mainly due to a decrease in work permit holders in construction and marine.
• Layoffs fell from the previous quarter

Preliminary estimates showed that quarter-on-quarter, the seasonally adjusted overall unemployment rate remained unchanged at 2.2% in June 2017.

It declined along residents (from 3.2% to 3.1%) and citizens (from 3.5% to 3.3%) from March 2017 to June 2017; after trending up from September 2016. Although unemployment declined over the quarter, they remained higher than a year ago.

In June 2017, an estimated 69,800 residents (including 62,800 Singapore citizens) were unemployed. This is lower than 74,400 (including 67,100 Singapore citizens) in March 2017.

In conclusion, the labour market outlook remains uneven across sectors. In fact, hiring remains cautious in sectors such as construction and marine.

Nonetheless, opportunities will continue to be available in finance and insurance, infocomms and media, healthcare, professional services and wholesale trade. These are the five sectors recently identified by MOM where the potential for job creation is promising.

With elevated unemployment rate, MOM’s priority remains to support displaced and at-risk workers, as well as jobseekers through Adapt and Grow programmes.  Workers are urged to re-skill and embrace lifelong learning to remain employable.  

Lead Photo / MOM

Tables / MOM