ManpowerGroup's Singapore 3Q26 survey confirms the trend, with seasonally adjusted net employment outlook is set to fall both q-o-q and y-o-y, dragged by large organisations and the information sector, even as manufacturing, construction, real estate, and SMEs hold up better.
Tan Jie Hui and Lim Siew Khee of CGS International have kept their "hold" call on HRnetGroup, along with the same target price of 78 cents, given how earnings growth should remain subdued for the employment agency amid a soft hiring environment.
Singapore's job market has shown signs of cooling. According to the Ministry of Manpower, 1Q26 total employment growth moderating, led by weaker non resident hiring; the Ministry of Trade and Industry (MTI) has warned the US–Israel–Iran conflict could weigh on activity ahead, layering geopolitical risk onto an already softening backdrop.
