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Singapore Retail Sales Recover In October

Singapore retail sales rose 0.6 percent month-on-month in October, reversing a 0.7 percent drop in September, the Department of Statistics said Friday. Economists had forecast a 0.5 percent growth for October.

Meanwhile, sales excluding motor vehicle, grew at a slower pace of 0.3 percent after expanding 1.1 percent a month ago.

Retail sales of telecommunications apparatus and computers climbed 6.9 percent. Similarly, retailers of motor vehicles, watches and jewelery, furniture and household equipment and department stores registered increases in sales of between 0.5 percent and 1.9 percent.

On the other hand, retail sales of petrol service stations, recreational goods, wearing apparel and footwear, medical goods and toiletries and food and beverages decreased from the previous month.

On a yearly basis, retail sales fell 1 percent in October mainly due to lower sales in motor vehicles. The annual decline follows a 2.6 percent rise in September. Excluding auto sales, growth in sales eased to 1.3 percent from 4.1 percent.

Elsewhere, the Ministry of Manpower said the labor market remained tight supported by domestic-oriented activities and tightening in foreign manpower controls. The jobless rate came in at seasonally adjusted 1.9 percent in the third quarter, in line with preliminary estimate, but down from 2 percent a quarter ago.

by RTT Staff Writer

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