This quarter’s newly-released Economic Survey of Singapore reveals a number of negative trends in terms of productivity, labour and growth
In total, only three sectors experienced positive productivity growth over the past three months:
- Wholesale & retail (+3.3%)
- Finance & insurance (+3.1%)
- Construction (+0.8%)
Trends in terms of actual hours worked (AHW) were also examined. From 2010 to 2014, AHW for Singaporeans decreased by 3.6%. This was driven by a decrease in hours worked by fulltime locals as well as an increased reliance on part-time workers. This shift created a more positive trend for HR with the growth of real value-added (VA) per AHW increasing by 2.9% from 2009 to 2014.
Overall employment growth rose by 15,700 in the second quarter of 2015 after a contraction of 6,100 last quarter. Breaking this down by industry, the following sectors experienced the highest growth due to increased activity and greater demand for additional staff. The number of new employees for each sector is listed within the parentheses:
- Construction (7,800)
- Business services (6,500)
- Other services (4,800)
Finally, the overall unemployment rate rose slightly to 2% in spite of the country’s tighter labour markets. For residents and citizens, unemployment was higher at 2.8% and 2.9% respectively.
Mixed bag for Q2 employment statistics
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