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10.
Given the strong demand for labour,
the rate of unemployment was exceptionally low.
The seasonally adjusted unemployment rate and
the underemployment rate were 1.3% and 0.8%
respectively in the first quarter, while in the
fourth quarter of last year they were 1.3% and
0.7%. Vacancies were widespread, and labour
incomes registered further increases both in
money and in real terms. Over the course of
1988, labour resources continued to move from
the manufacturing sector to the service sectors.
11.
As regards the property market, the
demand for most types of property remained
strong at the beginning of this year. However,
partly as a result of the increases in interest
rates, some moderation seems to have occurred
more recently. Prospective buyers of
residential property appear to have become more
cautious and selective in response to much
increased flat prices and higher mortgage
rates. The demand for shopping and office space
continued to be strong, while the demand for
factory space in remote locations tended to
stabilise. Meanwhile, the demand for storage
premises was increasing.
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