Advance estimates showed that total employment grew in 1Q 2024, and was wholly supported by an increase in resident employment as non-resident employment contracted. Unemployment rates edged up slightly in March 2024 but were within the range observed in non-recessionary periods. Retrenchments declined for the second consecutive quarter with business reorganisation or restructuring as the main reason for most of these retrenchments. With lower retrenchments and continued ​employment growth, we do not expect increases in unemployment rates to be sustained. ​