Preliminary indicators showed that the impact of COVID-19 on the labour market was more extensive in 2Q 2020, reflecting COVID-safe measures and a weak global economy. Total employment contracted sharply in 2Q 2020. This quarterly decline was the largest on record, and much sharper than previous downturns. Unemployment rates rose by a more considerable extent in June 2020, as compared to the previous quarter, but remained lower than previous recessionary peaks. Retrenchments were much higher in 2Q 2020. While retrenchment figures had now surpassed the peak during SARS, they remained lower than other past recessionary peaks.
For more information, please refer to the full Labour Market Advance Release Second Quarter 2020 report.
Released on: 29 July 2020
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