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37.
Chapter 6
WACES AND PRICES
Manufacturing wages and earnings
75.
Manufacturing wages have been increasing rapidly since March
1975. The increase gained momentum in 1976 as the market for manufacturing
labour tightened. In March and in September 1976 the vacancy rate (defined
as the ratio between the number of vacancies and the total number employed)
in manufacturing was higher than the unemployment rate for the economy as
a whole. This shortage of labour has brought nominal average daily wage
rates (including fringe benefits) in September 1976 to a level 16% higher
than in the corresponding month a year ago; the similar measure of wage
rates in March 1976 was 15% higher than March 1975. As manufacturing
employment in March and in September 1976 was respectively 18% and 24%
higher than the corresponding month a year ago, it can be inferred that
total earnings for manufacturing labour in 1976 were roughly 40% higher
than in 1975. But increases in wage rates do not necessarily reflect
accurately increases in earnings.
When the labour market is tight, as
was the case during 1976, the excess demand for labour can be satisfied
if workers are willing to work overtime. So, increases in eamings may
be more rapid than increases in wage rates; and total eamings for
manufacturing labour in 1976 were probably more than 40% higher than
in 1975.
76.
Real wage rates in manufacturing in September 1976 were still
marginally below the peak level recorded in March 1973. Real average
daily wage rates in manufacturing in September 1976 were 3% higher than
in March 1976 and 12% higher than in September 1975. There was thus a
smaller increase between March and September 1976 than between September
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