To The Moon

Job cuts in Singapore increased to 4,800 during the third quarter, compared with 4,620 in the preceding three-month period, as the Ministry of Manpower (MOM) cautioned on Friday (Oct 30) about "emerging weaknesses in parts of the labour market" in its preliminary data report.

The layoffs, which were predominantly in information and communications, financial services and manufacturing, were primarily due to business restructuring, according to the MOM.

Citizen unemployment edged up to 3.1 per cent in September, from 3 per cent in August, while resident unemployment, which also covers permanent residents, rose slightly to 3 per cent from 2.9 per cent previously. Overall unemployment remained steady at 2 per cent.

Total employment expanded by 27,700 in the third quarter, exceeding the growth of 11,400 recorded in the second quarter and rising 10.4 per cent year on year.

Nevertheless, the bulk of that growth originated from non-residents in construction and manufacturing. Resident employment received support from essential and public services, but growth in externally oriented sectors remained muted, the MOM said, pointing to "global economic uncertainty."

Going forward, the MOM observed that "employers remained cautious about hiring and wage increases amid continued uncertainty," as the proportion of firms expecting to hire or raise wages in the next three months both stayed below July's levels.