Advance estimates showed a broad improvement in the labour market in 4Q 2020. Resident employment rose for the second consecutive quarter in 2020. As a result, for the full year, resident employment continued to expand amidst the pandemic. Unemployment rates fell for the second month in December 2020 while retrenchments declined for the first time in six quarters. However, after increases in the workforce size over the years, the incidence of retrenchment in 2020 remained significantly lower compared to past recessionary years.