SG Morning Highlights | Sembcorp Industries Wins Legal Battle; Court Upholds S$70 Million Asset Sale

– Moomoo News SG

Advancers / Decliners is 79 / 53, with 45.42M securities worth S$74.88M changing hands.

In Q3 2024, Singapore's resident employment rose by 4,000, overcoming a previous seasonal decline, driven by robust hiring in sectors like information and communications, professional services, and financial services. Non-resident employment also increased by 18,200, primarily due to more work permit holders in construction and manufacturing. The Ministry of Manpower's (MOM) report indicated a significant overall employment rise of 22,300, nearly double the Q2 gains. Employment among S Pass holders resumed growth, particularly in financial and health services, despite earlier declines. The number of Employment Pass (EP) holders remained stable, with expected gradual increases following the September 2023 adjustments to the Complementarity Assessment Framework (Compass).

DBS economist Chua Han Teng linked the Q3 employment growth to stronger economic performance, particularly in outward-oriented sectors. He expects continued economic growth to support the labor market and keep unemployment rates low into early 2025. MOM forecasts robust labor demand, likely enhanced by the upcoming year-end festivities.

For Q1 2025, Singapore employers are showing strong optimism for employment in the transport, logistics, and automotive sectors, with 67% expressing positive expectations—a 22-percentage-point increase from the previous quarter as reported by ManpowerGroup. Other sectors such as healthcare and life sciences (40%), financials and real estate (36%), consumer goods and services (33%), communication services (29%), and information technology (28%) also show promising outlooks. In contrast, the energy and utilities sector faces the lowest employment outlook at -29%, with the industrial and materials sector faring slightly better at 10%.