Jersey's total workforce shrank by 1,380 last year - the biggest drop in 22 years.
The total number of jobs in the island was 60,000.
It is the latest December decrease since at least 1998.
The private sector contracted by 3.4%, while there were 400 jobs created in the public sector as it dealt with the Covid-19 pandemic.
1,040 jobs were were lost from hotels, bars and restaurants.
In total there were 51,470 jobs in the private sector at the end of last year and 8,530 in the public sector.
88% of jobs were filled by employees with entitled or entitled to work status.
The full report can be found here.