TALENT MARKET UPDATE SINGAPORE Q2 2017
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1 TALENT MARKET UPDATE SINGAPORE UNEMPLOYMENT UNCHANGED / Overall unemployment was unchanged in June 217 from March 217, remaining at. Total employment fell by 7,3 in Q2, following a decline of 6,8 in Q1. Construction lost 1,5 jobs while manufacturing lost 3,6. The service sector gained 7, jobs. 3,64 workers were made redundant in Q2, with layoffs in manufacturing, construction and services decreasing from Q1. Source: CITIZEN UNEMPLOYMENT RATE 3.3% RESIDENT UNEMPLOYMENT RATE 3.1% 3,64 REDUNDANCIES, DOWN FROM 4, IN Q1 UNEMPLOYMENT RATE IN JUNE 217, UNCHANGED FROM MARCH 217 Kelly Services (S) Pte Ltd (A PERSOLKELLY Company)
2 Seasonally adjusted unemployment rates remained unchanged at in June 217 compared to March 217. Resident and citizen unemployment rates declined to 3.1% and 3.3%, respectively. SINGAPORE QUARTERLY EMPLOYMENT CHANGE AND UNEMPLOYMENT RATES Employment 8 Citizen unempoyment Resident unempoyment 4. In June 217, there were approximately 7,8 residents, including 63,8 citizens, who were unemployed, a decrease from the 74,4 residents and 67,1 citizens in March Total employment decreased by 7,3 in Q2, after decreasing 6,8 in Q1. Total employment stands at 3,659, Employment (s) 2 2. Unmployment (%) -2 Jun 213 Sep 213 Dec 213 Mar 214 Jun 214 Sep 214 Dec 214 Mar 215 Jun 215 Sep 215 Dec 215 Mar 216 Jun 216 Sep 216 Dec 216 Mar 217 Jun 217 Source: Ministry of Manpower, Singapore 2
3 Employment growth was negative in manufacturing and construction but positive for services. Employment in manufacturing continued to fall, by 3,6, the 11th consecutive quarter of contraction. Employment in construction also shrank, dropping by 1,5 workers, after falling 12,5 the previous quarter. The services sector however grew by 7, workers, slower than 1, in the previous quarter. Redundancy fell in Q1 with 3,64 workers made redundant compared to 4, in the previous quarter. The services sector accounted for 2,33 or 64% of all redundancies, a decrease from 2,44 workers the previous quarter. Layoffs declined in manufacturing to 84 from 89, the lowest since 2Q 214, and also decreased for construction to 47 from 66. The manufacturing sector accounted for 23.1% of all redundancies while the construction sector accounted for 12.9%. 5,5 5,5 5,5 5, 5, 5, 4,5 4,5 4,5 4, 4, 4, 3,5 3,5 3,5 3, 3, 3, 2,5 2,5 2,5 2, 2, 2, 1,5 1,5 1,5 1, 1, 1, 5 5 REDUNDANCIES 5 TOTAL UNEMPLOYMENT RATE 2.5% 2.5% 2.4% 2.4% 2.3% 2.3% 2.1% 2.1% 2.% 2.% 1.9% 1.9% 1.8% 1.8% 1.7% 1.7% 1.6% 1.6% 1.5% 1.5% TOTAL EMPLOYMENT CHANGE Source: Ministry of Manpower, Singapore 3
4 EMPLOYMENT MARKET WRAP SINGAPORE FACES A GRIM LABOUR FUTURE AS POPULATION AGES RAPIDLY While Japan had the biggest slump in its workforce in Asia over the last 1 years, Singapore has the most to fear from an aging population over the next two decades. The city state will face a double whammy: a shrinking workforce and slower progress than Asian neighbors in getting more people into the labor market. According to a new study from Oxford Economics, Singapore s labor supply growth after accounting for changes to the participation rate will shrink by 1.7 percentage points in the 1 years through 226 and by 2.5 percentage points in the decade after that. That s the worst of a dozen economies in a report by Louis Kuijs, the Hong Kong-based head of Asia economics at Oxford. BETTER PROSPECTS FOR SOME WORKERS The latest labour market figures, which the Manpower Ministry released last week, are heartening for workers and job seekers, as they indicate things are starting to look up on the jobs front. After last year s glum news on increased retrenchments and fewer job vacancies, the slight improvements in this year s second-quarter job data is a welcome glimmer of light at the end of the tunnel. Retrenchments and resident unemployment are down, while more job openings are available. And as economic growth this year is expected to be better than last year, demand for workers will, in turn, rise. But it will be confined largely to workers with specific skills in the growth industries. For instance, therapists and nurses are in great demand in the healthcare sector. Source: The Straits Times Date: 18 September 217 Source: Bloomberg Date: 6 September 217 4
5 ABOUT KELLY SERVICES As a global leader in providing workforce solutions, Kelly Services, Inc. (Nasdaq: KELYA, KELYB) and its subsidiaries, offer a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire, and direct-hire basis. Kelly directly employs nearly 5, people around the world in addition to having a role in connecting thousands more with work through its global network of talent suppliers and partners. Revenue in 216 was $5.3 billion. Visit kellyservices.com and connect with us on Facebook, LinkedIn, & Twitter. ABOUT PERSOLKELLY PERSOLKELLY is one of the largest recruitment companies in Asia Pacific providing comprehensive end-to-end HR solutions. We partner and support our customers in recruiting and retaining the best talent. Headquartered in Singapore and with presence spanning 13 countries in Asia Pacific, PERSOLKELLY is a combination of resources and operational expertise of its eight brands i.e., Kelly Services, Capita, Intelligence, IGS Asia, P-Serv, BTI Consultants, First Alliances and EVO. PERSOLKELLY is a joint venture between PERSOL Holdings (previously Temp Holdings), Japan s second largest recruitment firm and Kelly Services, a global leader in workforce solutions. For more information, please visit EA License No. 1C4394 I RCB No E 217 Kelly Services EXIT
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