Job market turns less rosy

Singaporeans seeking jobs in the months ahead face the prospect of a slowing labour market.

The reason: the shrinking pool of new jobs in two sectors, manufacturing and services.

It would have been worse if not for the golden performance of the construction sector, judging from new figures from the Manpower Ministry.

These show that employment in the sector increased by 22,100 jobs in the second quarter this year. This is double the 10,900 new construction jobs added in the same quarter last year.

However, the overall job market is less buoyant.

'Outside of construction, employment growth has moderated from the previous quarter,' said the ministry yesterday when it released the second quarter's job data.

New jobs rose by 70,600, which it notes is 'slightly lower' than the 73,200 in the first three months of this year.

Analysts see this shift as signalling a possible slowdown in jobs, with employers now more cautious about hiring.

'We feel a bit more caution in the air,' said regional economist Song Seng Wun of CIMB-GK Research.

More at AsiaOne.

Image source AsiaOne.
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