Manpower released its report for 3Q2016, covering the outlook for the job market and hiring, for various parts of Asia.
The outlook is measured using a term known as Net Employment Outlook (NEO), which is the percentage of employers expecting total employment to increase, minus the percentage who think total employment will drop.
In Asia Pacific, companies in India and Japan show the strongest hiring plans, while those in China and Australia report the weakest.
AUSTRALIAN JOB MARKET OUTLOOK
A steady increase in hiring is expected to continue in Australia.
The total/national NEO of +8% is up three percentage points from last quarter and the same period last year. However, the outlook is quite varied for different parts of the country:
- Australian Capital Territory: NEO of +16%
- New South Wales and Victoria: +12% and +11%, respectively.
- Northern Territory: -4% (due to mining downturn and slow population growth).
- Western Australia: -6%.
Employers in Finance, Insurance & Real Estate sectors reported the strongest NEO of +15%. While the mining sector continues to decline, the recent property boom and focus on infrastructure led to the Mining and Construction sector showing a NEO of +5%. Firms in the Wholesale Trade & Retail Trade sector have a conservative hiring pace with a NEO of +4%.
SINGAPOREAN JOB MARKET OUTLOOK
Hiring activity in Singapore over the next three months is at best moderate, with a NEO of +9%.
This is the weakest forecast since 3Q2009 and is 4 percentage points lower from the same period last year.
Employers in all sectors expect to hire in Q3 2016 but the extent varies:
- Strongest hiring is expected in the Finance, Insurance & Real Estate sector, with a NEO of +16%.
- The weakest hiring activity is expected in the Wholesale Trade & Retail Trade sector, with a NEO of +3%.
- Organisations in the Public Administration & Education sector and the Transportation & Utilities sector, report NEOs of +14% and +13%, respectively.
- NEO is at +10% for Services; +9% for Mining & Construction; and 7%+ for the Manufacturing sector.
HONG KONG JOB MARKET OUTLOOK
Hiring activity is expected to decline by 3 and 4 percentage points QoQ and YoY respectively, giving Hong Kong the weakest NEO since 2Q2013.
With a NEO of +12%, employers in all sectors expect to increase staff during the next quarter. However, hiring intentions decline in four of the six industry sectors, when compared to the previous quarter.
INDIAN JOB MARKET OUTLOOK
Indian firms report bullish hiring expectations for the July-September quarter. In fact, the country shows the strongest hiring activity across all 43 countries in the survey.
Hiring is expected to grow in all sectors.
- Services: NEO is +44%
- Transportation & Utilities: +38%
- Finance, Insurance & Real Estate: +34%
- Manufacturing: +34%
- Public Administration & Education: +21%
However, the outlook is weaker for most sectors, when compared to the previous quarter and year.
CHINESE JOB MARKET OUTLOOK
Hiring intentions for employers in China are slightly more conservative in 3Q 2016, with a NEO of 2%.
Hiring gains are expected in most sectors and all nine regions, however, the forecast is the weakest since the survey began in 2Q2005.
