The Economy | 55
On the other hand, the number of job vacancies in the private sector surged by 24.6 per cent year-on-year to 48 100 in December 2007, the highest level for the month of December since 1996. This gave a ratio of 41 job vacancies for every 100 job-seekers in December 2007, up from 25 a year earlier.
The corresponding ratio for higher-skilled jobs jumped from 72 to 106, whereas that for lower-skilled jobs went up from 20 to 33. Increases in job vacancies occurred virtually across-the-board in December 2007, with more
in December 2007, with more distinct rises in the restaurant, sanitary and similar services, as well as recreational and other personal services, and business service sectors.
With the labour market tightening further in 2007, wage pressure emerged in more economic sectors and occupations. Labour earnings in the private sector rose by 4.0 per cent in money terms or 1.9 per cent in real terms in 2007. People working in financial institutions received a larger pay rise of 8.9 per cent in money terms. Those working in the restaurants and hotels, transport, storage and communications, and manufacturing sectors received smaller pay rises of 3.8, 3.3 and 2.9 per cent respectively (Chart 12).
Chart 12
Labour earnings
(a) Year-on-year rate of change
(b) Year-on-year rate of change
in real terms
Per cent
in money terms
Per cent
14
14
12
12
10
10
Financial institutions
8
LO
6
4
2
0
Service sectors
-2
as a whole
LO
4
2
Financial institutions
FM
-2
Service sectors
as a whole
-4
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2003 | 2004 | 2005 | 2006 | 2007
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2003 | 2004 | 2005 | 2006 | 2007
Labour earnings showed accelerated increases in both money terms and real terms during 2007.