​Advance estimates showed that the labour market continued to expand in 4Q 2024, though there were signs of moderation. Total employment continued to grow, but the increases for both residents and non-residents slowed. Retrenchments rose in 4Q, though they remained within non-recession norms, while unemployment stayed low. For the full year 2024, employment rose for both residents and non-residents, although overall growth was slower compared to 2023. The total number of retrenchments was lower in 2024 compared to 2023, and annual unemployment rates were broadly unchanged from 2023.​

For more information, please refer to the full Labour Market Advance Release Fourth ​Quarter 2024​ ​report.​