Preliminary indicators showed that the labour market has felt the early effects of COVID-19. In 1Q 2020, total employment (excluding foreign domestic workers) registered its sharpest quarterly contraction since SARS, due to a significant contraction in foreign employment. Unemployment rates rose in March 2020 but remained lower than the peak during SARS. Similarly, retrenchments also rose in 1Q 2020, but were about one-quarter that of the quarterly peak seen in the Global Financial Crisis.
For more information, please refer to the full Labour Market Advance Release First Quarter 2020 report.
Released on: 29 April 2020
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