Infographic: Labour Market Second Quarter 2020

In the Labour Market Advance Release Second Quarter 2020, we observed that the effect of COVID-19 was more extensive in 2Q 2020 than 1Q 2020. In this report, the preliminary estimates have been updated with final data, and trends are broadly similar to our preliminary assessment.

5 Things to Know:

1. Total employment fell by its sharpest on record, and retrenchments more than doubled.
2. Unemployment rates rose, but remained below previous recessionary peaks.
3. The number of employees placed on short work-week or temporary layoff rose to an unprecedented high. Average paid hours worked registered its largest quarterly drop on record, due to a reduction in overtime hours.
4. Overall, the number of job vacancies fell. Coupled with the rise in unemployed persons, the ratio of job vacancies to unemployed persons declined further, but stayed above previous recessionary lows.
5. Labour turnover was muted as employers deferred hiring and employees were less likely to leave their jobs due to fewer opportunities in the job market.

The Department is also releasing, for the first time, unemployment rates on a monthly basis to detect shifts in the employment situation in a more timely manner. Latest available data showed that in July 2020, unemployment rates continued to increase from June.

For more information, please refer to the full Labour Market Second Quarter 2020 report.

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