Article Topic – Bright spots to be found

The Business Times, Monday, 23rd Jun 2012

Do you agree with expectations of generally weak corporate results for the quarter just ended? What does your view from the ground tell you about the outlook for the second half of 2012 for your industry and for Singapore generally?

CORPORATE results for Q2 will be weaker than Q1, which was quite strong and provides a relatively high base for comparison. Recent Purchasing Managers’ Index (PMI) data for China and Singapore, for instance, have shown signs of weakness. This, coupled with continued uncertainty in the eurozone and lower-than-expected US job growth, makes the outlook for the second half of the year cloudy. Despite such headwinds, the Q3 Employment Outlook just published by PrimeStaff suggests that there will still be pockets of growth in certain sectors, such as hospitality (retail, food & beverage), health care, pharmaceuticals, and biomedical sciences. Our recruitment industry, in particular, will benefit from a tight labour market here resulting from the government’s restrictions on the hiring of foreigners.

Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd