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CNA
a day ago
- Business
- CNA
Unemployment inches up in Q1 2025 as jobs growth slows: MOM
SINGAPORE: Overall unemployment in Singapore rose slightly from 1.9 per cent at the end of 2024 to 2 per cent at the end of the first quarter of 2025, according to latest figures from the Manpower Ministry (MOM). Data released on Friday (Jun 27) showed that the labour market continued to grow but dipped from 7,700 jobs in Q4 2024 to 2,400 in Q1 2025. Job vacancies rose from 77,500 in December 2024 to 81,100 in March, reflecting a broad-based increase, although manufacturing showed signs of slowing labour demand. MOM's labour market statistics for Q1 2025 did not capture the potential impact of the United States' tariff increases, as these were announced in early April. The unemployment rate is part of a basket of indicators that MOM is watching closely to measure the tariffs' effects going forward, said Mr Ang Boon Heng, director of the manpower research and statistics department. Other indicators are an increase in short work-weeks and temporary layoffs, which tend to be employers' first response before retrenchment, as well as a drop in job vacancies and weak hiring sentiment, he said. The global economic outlook remains uncertain in the near term, but Singapore's external demand outlook has improved slightly as major economies have taken steps to deescalate trade tensions, said MOM. SLOW TO HIRE AND FIRE Jobs data from Q1 2025 suggest that while firms have exercised caution in hiring, they also held back from deeper workforce cuts, reflecting a measured approach amid economic uncertainty, MOM said. Businesses remained measured in their manpower outlook in forward-looking polls the ministry conducted in April and May – after the US tariff announcement hike and subsequent 90-day pause on tariff collection above 10 per cent. The universal application of 10 per cent reciprocal tariffs is still in effect. There was a modest increase in hiring intentions, with 40.5 per cent of firms surveyed in Q1 2025 indicating they planned to hire for the next quarter. This rose to 42.2 per cent of those polled in April and May over their third-quarter hiring plans. MOM pointed out that the increase was largely driven by the professional and financial services sectors, while hiring sentiment softened in most other sectors. Resident employment growth came in at 300 jobs in Q1 2025, mainly in the sectors of health and social services, and financial and insurance services. There was a decline in resident employment in the professional services, and the information and communications sector. The mild increase in resident jobs was not surprising given the already high labour force participation and employment rates in Singapore, said an MOM spokesperson. Growth in non-resident jobs was led by work permit holders in positions like bus and truck drivers, which are less likely to attract resident applicants, according to the ministry. UNEMPLOYMENT UP, RETRENCHMENT DOWN There was an increase in the overall unemployment rate - 2.9 per cent in December 2024 to 3.1 per cent for citizens in March - and from 2.8 per cent to 2.9 per cent for residents between that period. The resident long-term unemployment rate also inched up to 0.9 per cent this March, after holding steady at 0.8 per cent over the past quarters from March 2024. This figure, which measures residents who have been jobless for at least 25 weeks, remained comparable to non-recessionary norms of 0.6 to 0.9 per cent, said MOM. The ministry highlighted an increase in long-term unemployment in residents below 30, rising from 0.9 per cent in December 2024 to 1.2 per cent in March. Seniors aged 50 to 59 also experienced an increase in long-term unemployment from 1 per cent in December 2024 to 1.1 per cent in March, and from 0.8 per cent to 1 per cent between that period for those aged 60 and above. Retrenchments fell from 3,680 in the previous quarter to 3,590 in Q1 2025, and there were fewer employees placed on short work-week or temporary layoffs – from 660 in the previous quarter to 570 in Q1 2025. The rate of residents re-entering employment within six months of retrenchment also improved from 58.1 per cent in the previous quarter to 60.6 per cent in Q1 2025.
Malay Mail
15-05-2025
- Business
- Malay Mail
Jobs on the rise: Malaysia's labour demand climbs to 9.06 million in Q1 2025, fuelled by services and manufacturing
PUTRAJAYA, May 15 — Malaysia's labour demand rose 1.4 percent in the first quarter (Q1) of 2025, reaching 9.06 million jobs compared to 8.94 million in the same period last year, according to the Employment Statistics released today by the Department of Statistics Malaysia (DOSM). Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth is in line with Malaysia's improving economic performance, projected to continue supported by resilient domestic demand. Of the total jobs recorded, 97.9 per cent were filled, while the remaining 2.1 per cent were vacant. He said the number of filled jobs rose 1.4 per cent year-on-year to 8.87 million in Q1 2025, compared to 8.75 million in the same quarter last year. All sectors contributed to the growth, with the services sector leading at 1.8 percent, followed by manufacturing (1.5 percent) and construction (0.5 percent). In terms of economic activity, the services sector accounted for the largest share of filled jobs at 52.8 percent or 4.69 million, followed by manufacturing at 26.9 percent (2.38 million), and construction at 14.1 percent (1.25 million), he added. Commenting on the distribution by skills category, Mohd Uzir said the majority were in the semi-skilled category, accounting for 5.55 million or 62.5 percent of total filled jobs. This was followed by 2.23 million jobs in the skilled category and 1.09 million in the low-skilled category. On current labour demand, he noted that job vacancies rose 1.2 percent year-on-year to 194,100 in Q1 2025, up from 191,900 in the same quarter last year. He said the manufacturing sector remained the main contributor to job vacancies, making up 57.3 percent of total vacancies, with the electrical, electronic and optical products sub-sector recording 33,900 vacancies, followed by 20,200 vacancies in the petroleum, chemical, rubber and plastic products sub-sector. The agriculture and construction sectors reported 31,800 and 25,400 vacancies, respectively. By skills category, semi-skilled roles accounted for the largest share of vacancies at 56.3 per cent (109,200), while skilled and low-skilled roles made up 24.4 per cent (47,400) and 19.3 per cent (37,500), respectively. On job creation, Mohd Uzir reported that a total of 33,200 new jobs were created in Q1 2025, an increase of 3.4 per cent from 32,100 jobs recorded in the same quarter last year. 'The rise in jobs created, especially in skilled and semi-skilled categories, may encourage individuals to pursue higher education and specialised training, building a workforce with expertise and innovation,' he noted. He stated that Malaysia's labour demand is set for continued growth, reflecting the nation's commitment to strengthening its economic foundation and achieving sustainable development. The manufacturing sector remained a key driver, with the Monthly Manufacturing Statistics reporting a 1.1 per cent year-on-year increase in employment within the sector during the quarter, he explained. 'This trend aligns with the objectives of the New Industrial Master Plan 2030 (NIMP 2030), which aims to drive employment growth and enhance workforce capabilities within the manufacturing sector,' he said. — Bernama
