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The Economy
The vacancy situation likewise showed signs of easing labour demand. In 2015, the number of private-sector vacancies declined further by 1.3 per cent to 75,590.
Analysed by economic sector, more noticeable decreases in vacancies were observed in construction sites covering manual workers only (down 42.6 per cent year on year), manufacturing (down 10.6 per cent), food and beverage services (down 10.5 per cent), retail (down 8.6 per cent), and import/export trade and wholesale (down 7.7 per cent). More apparent increases in vacancies were seen in human health services (up 22.0 per cent), arts, entertainment and recreation (up 15.3 per cent), and financing and insurance (up 12.4 per cent). Alongside the dip in vacancy number was a decrease in the ratio of job vacancies per 100 job- seekers from 60 in 2014 to 59 in 2015, after recording increases for five years in a row.
On the back of broadly stable labour market conditions, wages and earnings remained on the rise in 2015. Labour earnings in the private sector posted a further improvement of 4.6 per cent for 2015 as a whole, with more notable increases seen in social and personal services, sewerage, waste management and remediation activities, accommodation and food services activities, and professional and business services.
Separately, statistics compiled from the General Household Survey, though not strictly comparable to those from surveys by the business establishment, suggested the average monthly employment earnings of full-time employees engaged in elementary occupations, excluding foreign domestic helpers, rose appreciably further by around 6.2 per cent in nominal terms and 2.2 per cent in real terms, conceivably benefiting from the statutory minimum wage uprating since May 2015. The average monthly employment earnings of full-time employees, excluding foreign domestic helpers, in the lowest three decile groups likewise grew further by a solid 6-7 per cent in 2015.
For the overall income situation, the median monthly household income, excluding foreign domestic helpers, recorded sustained growth in all quarters of 2015, rising 7.7 per cent to $24,900 in 2015 from $23,100 in 2014.
Property Market
The residential property market stayed generally buoyant in the first half of 2015, but quietened down in the second half as sentiment was dented by the stock market downslide during the summer months and as concerns over a US interest rate hike grew. With buyers adopting a more cautious attitude, trading activities quietened down visibly from July. The increase in flat prices decelerated in the third quarter and then turned into a decline in the fourth quarter amid increasing adjustment pressure facing the market.
At the Land Registry, the total number of sale and purchase agreements received for residential property fell 12 per cent to 56,000 in 2015, sharply below the long-term average of 92,900 over 1995 to 2014 (chart 11). There was a noticeable moderation through the year, from a monthly average of 5,400 in the first half to 4,500 in the third quarter and sharply down to 3,400 in the fourth quarter. Total consideration declined by a more modest 4 per cent to $416.5 billion.
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