What drove the 35,000 drop in private sector job vacancies?

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Decline in Private Sector Job Vacancies Attributed to Economic Caution and MCO Implementation

The private sector experienced a reduction of 35,000 job vacancies in the first quarter of 2020, bringing the total to 166,000. This decrease was primarily driven by industries adopting a cautious approach amidst a slowing economy, with the full impact of the Movement Control Order (MCO) only beginning to be felt in the latter part of the quarter.
Economic Slowdown and Industry Cautionary Measures

The overall economic performance of the country was experiencing a slowdown, prompting businesses to implement precautionary measures. This cautious sentiment directly influenced the demand for labour, leading to a reduction in the number of available job openings. The vacancies rate accordingly fell to 1.9 per cent in Q1 2020, a noticeable dip from the 2.3 per cent recorded in the preceding quarter.
Limited Impact of MCO in Q1 2020

While the MCO was introduced in the final two weeks of March 2020 to curb the spread of Covid-19, its full effect on labour demand was not captured within the first quarter's statistics. The primary driver for the decline in vacancies during this period was more closely linked to pre-existing economic conditions and the proactive steps taken by industries in response.
Labour Demand Trends in Q1 2020

Despite the overall decrease in vacancies, the rate of filled jobs reached a high of 98.1 per cent, translating to 8.4 million employed individuals. However, the net increase in filled jobs for the quarter was 51,000, which was lower than the increases seen in previous quarters of 2019, suggesting a softening in job creation momentum.

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What drove the 35,000 drop in private sector job vacancies?

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