According to local press this week, Singapore’s job market is seeing signs of weakening in the last quarter, not surprisingly owing to the low economic growth. In fact according to Manpower Ministry, the employment growth this year so far is at the lowest it has been since 2009.
However, job vacancies still outnumbered job seekers, though the ratio has moderated. While overall unemployment remained unchanged at a low 2 per cent, unemployment rates crept up for residents and citizens for the second consecutive quarter.
The Singapore economy will likely continue to face headwinds and risks pertaining to the slowdown in China, as well as the potential impact of the Fed rate hike. The Fed has just raised US interest rates this week.