6
1JSDAY, LEGEMRI. 29, 1981
TOTAL QUARTERLY PAYROLLS IN
* CHANGE
SECOND QUARTER
SECTOR OF
THE
SECOND
THIRD
FOURTH FIRST
SECOND
1981 ON SECOND
QUARTER
QUARTER
QUARTER
QUARTER
QUARTER
QUARTER
ECONOMY
1980
1980
1980
1981
1981
1980
HK$HN
HK SMN
HK$MN
HK$MN
HK$MN
MANUFACTURING 3 919
4 074
4 228
4 704
4 654
+18.8
WHOLESALE
1 981
2 085
2 339
2 847
2 438
+23.1
AND RETAIL,
IMPORT AND
EXPORT AND
RESTAURANTS
AND HOTELS
FINANCE
909
964 1 211 1 282
1 241
+36.5
INSURANCE
REAL ESTATE
AND
BUSINESS
SERVICES
TOTAL PAYROLL OUTLAYS ROSE IN ALL SECTORS THROUGHOUT THE PERIOD COVERED, THE RISE WAS PARTICULARLY RAPID IN THE FINANCE, INSURANCE, REAL ESTATE AND BUSINESS SERVICES SECTOR, WHICH REGISTERED A 36.5 PER CENT INCREASE IN THE SECOND QUARTER OF 1981 AS COMPARED TO THE SAME TIME A YEAR AGO. OVER THE SAME PERIOD, THE INCREASES IN THE MANUFACTURING AND WHOLESALE/RETAIL, IMPORT/EXPORT AND RESTAURANTS/HOTELS SECTORS WERE 18,8 PER CENT AND 23.1 PER CENT RESPECTIVELY. IT SHOULD ALSO BE NOTED THAT THE PEAK LEVELS OCCURRED AROUND THE FOURTH AND THE FIRST QUARTERS WHEN DOUBLE PAY AND YEAR-END BONUSES WERE PAID BY EMPLOYERS. ·
THE AMOUNT OF PAYROLL OUTLAYS IS AFFECTED BY A NUMBER OF FACTORS, SUCH AS THE LEVEL OF EMPLOYMENT AND THE LEVEL OF WAGE RATE. TO DISCOUNT FOR CHANGES IN PAYROLL OUTLAYS ARISING PURELY FROM CHANGES IN EMPLOYMENT LEVELS, A NOMINAL INDEX OF PAYROLL PER PERSON ENGAGED IS PREPARED. THIS GIVES AN INDICATION OF THE PERCENTAGE CHANGES OF GROSS CASH EARNINGS PER PERSON ENGAGED IN PARTICULAR SECTORS OF THE ECONOMY. FURTHER, TO TAKE ACCOUNT OF CHANGES IN PURCHASING POWER, THE NOMINAL INDEX IS ADJUSTED BY THE CONSUMER PRICE INDEX (A) TO GIVE THE REAL INDEX OF PAYROLL PER PERSON ENGAGED. THESE INDICES REFER ONLY TO THE THIRD MONTH OF EACH QUARTER, AS DATA ON THE NUMBER OF PERSONS ENGAGED ARE AVAILABLE ONLY EVERY THREE MONTHS IN MARCH, JUNE, SEPTEMBER AND DECEMBER. MOVEMENTS IN THESE TWO INDICES ÎN MAJOR SECTORS OF THE ECONOMY ARE SUMMARISED IN THE TABLE BELOW 1
"SECTOR OF