Advance estimates showed that while demand for labour has cooled, unemployment rates remained stable, and retrenchments eased. Total employment continued to grow for the ninth consecutive quarter, though the growth has moderated significantly compared with previous quarters.

​For the whole of 2023, employment continued to grow for both residents and non-residents despite the weaker economic conditions. However, the pace of growth has slowed as labour demand cooled. The number of retrenchments rose in 2023 after a record-low in 2022, but was largely a result of reorganisation or restructuring within firms. The unemployment situation remained stable and low.