SINGAPORE, Oct. 30 (Xinhua) -- Singapore's labor market remained stronger than expected in the third quarter, supported by continued economic growth, with total employment expanding and unemployment and retrenchment levels staying low and stable, the Ministry of Manpower said on Thursday.
According to the ministry's quarterly report based on preliminary data, total employment grew by 24,800 in the third quarter, a larger increase than in both the previous quarter and the same period last year.
The increase was driven by growth in both resident and non-resident employment. Among residents, gains were concentrated in sectors such as financial services and health and social services, while growth in outward-oriented sectors like information and communications and professional services remained subdued.
For non-residents, most of the rise came from work permit holders in the construction and manufacturing sectors, while employment growth in other sectors stayed relatively muted.
Looking ahead to the fourth quarter, 44.1 percent of firms indicated plans to hire, a slight uptick that suggests a modest improvement in hiring sentiment. However, expectations varied across industries, with outward-oriented sectors reporting weaker sentiment.
The proportion of firms planning wage increases continued to edge down across most sectors, while some outward-oriented industries could see a pickup in retrenchments, the ministry added. ■