SingStat reported the retail industry expects slower business from April to September 2022, compared to the previous quarter. “Healthcare providers foresee increased demand for their services as non-urgent elective surgeries are able to resume.”īut in food and beverage (F&B), industry hiring sentiment dropped to 3%, from 8% previously, and retailers to a negative net weighted balance of 5%, compared to a positive 11% before. Want to be in the know of the latest career tips, events and workshops organised by Workforce Singapore? Sign up for our e-newsletters now! This was influenced by post-pandemic demand, with the Department of Statistics Singapore (also known as SingStat) revealing: “Operators of sports facilities expect to organise more events and with larger capacities. The wholesale industry and finance and insurance industries showed positive sentiments of 19% and 18% respectively, while recreation, community and personal services jumped to 16%, up from 11% in the last quarter. “The manufacturing sector is cautious in its business outlook for the period April to September 2022, as the ongoing Russia-Ukraine conflict adds to supply chain and inflationary pressures, resulting in higher cost of operations,” the EDB said in its report.īiomedical manufacturing saw a net weighted balance of 22% of companies projecting weaker business conditions, which the EDB attributed to expectations of material shortages and rising costs in the pharmaceuticals segment.īut it’s not all doom and gloom, of course.Ī net weighted balance of 21% of manufacturers expected to step up hiring in the second quarter of 2022 compared to the first quarter, compared with 12% in previous polls.įor those in the services sector, there is still optimism despite the inflationary climate, except for retail. This is a decline from the 8% reported by Singapore’s Economic Development Board (EDB) in a previous survey in end-2021.Ī net weighted balance, used to gauge business sentiment, is the difference between the weighted shares of positive and negative responses. Manufacturing, a key pillar of the Singapore economy and its plans for the future, has already seen its outlook for 2022 weaken due to an increase in rising costs, despite global markets improving in the aftermath of Covid-19.Īmongst manufacturers, 2% of a net weighted balance expect business conditions to be better in the next six months than in the three months before.
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