G.F. 323
CONFIDENTIAL # 機密
39.
order to maintain a stable supply of labour, usually provide better
In many
facilities to workers which may not count as part of wages.
cases, they can also adapt to a lower level of orders by simply reducing
the extent to which they contract work to other, p:obably smaller,
manufacturers. The reason why they contract work out in times of
prosperity may be that in paying higher wages to attract extra labour,
they also have to pay their existing labour at the higher rate; so the
marginal cost of hiring extra labour is high. The workers, recognizing
the benefits of more assured employment, are prepared to accept lower
wages in times of prosperity. As a result, movements of wage rates in
large establishments tend to be less marked. Per capita earnings of
operatives in money terms in the 166 large manufacturing establishments
on the monthly panel increased less rapidly than the general wage
level reflected in the wage indoxes, and in September 1976 were 14%
higher than in September 1975; a further increase of 1% was recorded
between September and November 1975.
Wages in the construction industry
79.
Wages in the construction industry* started increasing at a
moderate rate in July 1975. They increased at a higher rate during 1976,
averaging 3% per quarter or at an annual rate of 13%. The index for the
first, second and third quarters of 1976 was 2%, 5% and 10% higher than
for the same quarters of 1975. The increasing trend has continued into
the fourth quarter of 1976. The construction wage index in November 1976
was 12% higher than the index in November 1975. These movements are
consistent with the revival in building and construction activity.
Diagram 11
*
Nominal average daily wage rates excluding fringe benefits collected. from public sector building and construction sites.
CONFIDENTIAL
機密