Employment rate in Q3 2019 has risen by three times compared to previous quarter, even as overall unemployment rate crept upward, reported CNA.
Data from the Ministry of Manpower (MOM) revealed the seasonally-adjusted unemployment rate rose from 2.2percent in Q2 2019 to 2.3percent in Q3 2019.
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But, total employment (excluding overseas domestic employees ) for Q3 climbed by 21,700, or more than triple compared to the 6,200 growth posted in the preceding quarter. It’s also considerably greater compared to 16,700 growth over precisely the exact same period this past year.
The services industry saw the maximum job growth, directed by modern solutions, community, social and personal services in addition to administrative and service providers.
Regardless of this, MOM noted that project opportunities remain accessible, particularly for professionals, supervisors, executives and technicians (PMETs) inside the services industry.
Manpower Minister Josephine Teo explained the expansion in employment suggests”some elegance” from the labor market.
She said that the increase in the unemployment rate is since companies are being more careful in hiring. She said the time it requires for jobseekers to procure a function also leads to the growth in unemployment.
Meanwhile, the retrenchment also climbed from 2,320 from Q2 to 2,430 in Q3. But this figure was lower compared to previous year’s 2,860.
Company restructuring and reorganisation emerged as the top cause of retrenchments during the time under review, stated MOM.
Commenting on the labor perspective, Teo said she”would be very careful” because the amount of job vacancies suggests that”confidence remains not so powerful”.