Nonetheless, overall unemployment remained low at 2%, Yeo adds. Resident employment growth was driven by financial services and professional services as well as the health and social services sectors; while non-resident employment growth was led by retail trade, food and beverage services; administration and support services; and construction.
RHB Bank Singapore analyst Alfie Yeo has maintained a “buy” on HRnetGroup (SGX:CHZ
) with a target price of 91 cents on the back of a more compelling valuation.
Citing Ministry of Manpower’s Labour Market Advance Release for the quarter, Yeo points out that total employment numbers continued to increase while retrenchment and unemployed residents rose, dragged mainly by the wholesale trade sector.
