5
Real Wages
+
in
Given the inflationary climate, the lack of pressure in the
labour markets must have been a factor underlying the pronounced
decline shown by the index of real wages including fringe benefits
the second half of 1973, which affected most sectors of industry:
Changes in the 12 months ending Sept.:
1970
Nominal Wages* Real Wages*
+17%
+ 9%
1971
1972
1973
+14%
+10%
+15%
+10%
+ 4%
6%
*The statistical basis of these indices is at least as limited as
that described for employment in the preceding section.
real wages.
a
Soaring food prices were minely responsible for the decline i
While the consumer price index rose 25% between September
1972 and September 1973, the "food" component was up by 37% but
"housing" by only 8%.
No surprise then that domestic consumption of several
important food groups fell in quantity in the year to September 1973:
Sage Share
in value
of Total Food
Consumption
Year 1972
Decline in quantities consumed
12 months to Sept. 1973*
Increase in Seasonally Adjusted Price first 9 months
of 1973*
Locally Slaughtered:
12%
Pork
6%
+19%
3%
Beef
2%
+30%
4%
Fresh Pond Fish
2%
+26%
5%
Fresh Sea Fish
2%
+27%
8%
Fresh Vegetables
9%
+33%
7%
Rice
n/a*
+74%
40%
*These percentages appear to measure changes between the periods
named and the same months of the preceding year though this is not completely certain.
t
*In September 1973 the average daily wage was a princely HK$22, or
including fringe benefits $26. On this latter basis the top-paid we tramway operators at $32 and enamelware workers at $29. paid were metal torch-case workers at $21 and rubber footwear worker at $23.
Ingtaa on-trapante ha tratado
The lowest