1
THE ECONOMY
quarter of 2000. The median hours of work stayed at 48 hours per week for most of the year.
Total employment, having fallen for two successive years in 1998 and 1999, bounced up strongly to a 2.6 per cent increase in 2000. On the other hand, total labour force continued to show a steady growth, at 1.2 per cent in 2000. In consequence, the distinct surplus in labour supply over labour demand prevalent in 1998 and 1999 narrowed considerably over the course of 2000.
Chart 11
Total labour force and total employment
(year-on-year rate of change)
4
3
Per cent
2
1
0
-1
-2
Total labour force
-3
Total employment
-4
Q2 Q3 Q4 QI Q2 Q3 Q4 Q1
1997
1998
Q2 Q3 Q4 QI
1999
Q2 Q3 Q4
2000
Total employment growth exceeded total labour supply growth in 2000, with the difference widening during the course of the year. In consequence, there was a distinct narrowing in the overall manpower resource balance, which in turn led to a drop in unemployment and also a mild rebound in earnings and wages.
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Employment as enumerated from business establishments likewise followed an uptrend. Taking all the establishments surveyed together, total employment in the private sector went up by 4 per cent in September 2000 over a year earlier, broadly similar to the increases of 3-4 per cent in March and June. On a seasonally adjusted quarter-to-quarter comparison, total employment grew by 1 per cent in September 2000, following increases of roughly the same magnitude in the preceding few quarters.
For all the service sectors surveyed taken together, employment grew by 5 per cent in September 2000 over a year earlier, the same as the gain in June. The growth was extensive across all the constituent sectors.
sectors. Employment in storage and communications went up by 8 per cent in September 2000 over a year earlier, underpinned by the rapid expansion in mobile phone services. Employment in the retail trade and in restaurants and hotels was higher by 8 per cent and 4 per cent respectively, amidst sustained growth in local consumer spending and inbound