The labour market held up in 2019. Despite economic headwinds, employment growth was higher. Retrenchments stayed low, and the re-entry rate into employment among retrenched residents rose slightly. Unemployment rates edged up, but they remained in the relatively low range of recent years. As hiring sentiments turned cautious, vacancies trended lower.

However, trends were mixed in the more recent quarter (fourth quarter of 2019). The pace of employment growth has slowed. Unemployment rates remained unchanged after inching up in previous quarters, but the resident long-term unemployment rate crept up. Retrenchments were slightly higher in the fourth quarter of 2019, while the re-entry rate improved over the quarter.