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Saturday, 29 October 2011

Demand for labour 'will fall sharply after festive season'

By Magdalen Ng

Demand for labour is already slowing but the trend will intensify after the Christmas and Chinese New Year holidays, according to the Monetary Authority of Singapore (MAS) on Thursday.

The economic slowdown here and persistent uncertainties in the global economy are taking some of the heat out of the labour market.

Financial services and trade-related sectors - both sensitive to economic changes - have already been scaling back their hiring, with other sectors tipped to follow suit in the next few quarters.

The Electronics Leading Index indicator continues to show a sharp fall-off in final demand, signalling that job cuts will persist in the industry.

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