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Report: Labour Market Advance Release Second Quarter 2020
Released on:29/7/2020 10:00 AM

​​Report: Labour Market Advance Release Second Quarter 2020

This release provides preliminary estimates of key indicators on the manpower situation covering unemployment, employment and retrenchment for the latest quarter.

KEY INSIGHTS

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 key findings, please refer to the highlights of the report. 





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