FRIDAY, NOVEMBER 23, 1984
ON THE LABOUR SECTOR, THE REPORT OBSERVES THAT THE SEASONALLY ADJUSTED UNEMPLOYMENT RATE AND THE UNDEREMPLOYMENT RATE IN THE THIRD QUARTER OF THIS YEAR, AT 3.5 PER CENT AND 1.0 PER CENT RESPECTIVELY, WERE THE SAME AS IN THE SECOND QUARTER. THE CORRESPONDING FIGURES FOR THE FIRST QUARTER OF THIS YEAR WERE 4.0 PER CENT AND 1.5 PER CENT. DURING THE TWELVE MONTHS ENDING JUNE 1984, EMPLOYMENT IN THE MANUFACTURING SECTOR INCREASED. EMPLOYMENT IN THE TERTIARY SERVICES SECTORS, PARTICULARLY IN RESTAURANTS AND HOTELS, ALSO ROSE. EMPLOYMENT CN BUILDING AND CONSTRUCTION SITES, HOWEVER, DECLINED FURTHER DURING THE SAME PERIOD.
THE REPORT FURTHER SAYS THAT EARNINGS IN THE MANUFACTURING SECTOR IN TERMS OF PAYROLL PER PERSON ENGAGED, INCREASED BOTH IN MONEY TERMS AND IN REAL TERMS DURING THE TWELVE MONTHS ENDING JUNE 1984, AS DID THOSE IN THE TERTIARY SERVICES SECTORS. EARNINGS IN THE CONSTRUCTION SECTOR, ON THE OTHER HAND, FELL IN REAL TERMS, ALTHOUGH THERE WAS A SMALL INCREASE IN MONEY TERMS.
THE REPORT ALSO POINTS OUT THAT THE INDEX OF MANUFACTURING OUTPUT INCREASED BY 19.2 PER CENT IN THE FIRST QUARTER AND 12.5 PER CENT IN THE SECOND QUARTER OF 1984, COMPARED WITH THE CORRESPONDING PERIODS IN 1983. MANUFACTURING ACTIVITY CONTINUED TO EXPAND IN THE THIRD QUARTER OF 1984, ALTHOUGH AT A SLOWER PACE THAN IN THE FIRST HALF OF THE YEAR. AS SHOWN BY THE FIGURES ON DOMESTIC EXPORTS. RETAINED IMPORTS OF RAW MATERIALS AND SEMI-MANUFACTURES, OUTWARD CARGO MOVEMENTS BY SEA AND BY AIR, AND THE QUANTITY OF ELECTRICITY CONSUMED BY THE INDUSTRIAL SECTOR.
ALTHOUGH NO DIRECT MEASURE OF PRODUCTIVITY GROWTH IS POSSIBLE, THE REPORT SAYS THAT THE HIGH LEVEL OF MANUFACTURING ACTIVITY AND MANUFACTURING EXPORTS IN THE THIRD QUARTER OF 1984 WAS ALMOST CERTAINLY ACCOMPANIED BY A FURTHER IMPROVEMENT IN LABOUR PRODUCTIVITY. MEASURED IN TERMS OF DOMESTIC EXPORTS PER PERSON ENGAGED IN MANUFACTURING, SUCH AN IMPROVEMENT WAS DUE IN PART TO ADDITIONAL OVERTIME WORK.
ON THE PROPERTY SECTOR, THE REPORT NOTES THAT THE SUPPLY OF NEW PRIVATE SECTOR PROPERTY, IN TERMS OF TOTAL USABLE FLOOR AREA OF ALL BUILDINGS COMPLETED, FELL BY 55 PER CENT IN THE THIRD QUARTER OF 1984 COMPARED WITH THE THIRD QUARTER OF 1983. NEVERTHELESS, THE TAKE-UP OF MOST TYPES OF PROPERTY APPEARED TO HAVE BEEN FAVOURABLE. IT SEEMED THAT PRICES AND RENTALS OF . RESIDENTIAL AND INDUSTRIAL PROPERTY REMAINED LARGELY STABLE DURING THE THIRD QUARTER OF THIS YEAR. HOWEVER, THOSE OF SHOPS AND OFFICES GENERALLY DECLINED FURTHER. REFLECTING SOME IMPROVEMENT IN THE BUILDING INTENTIONS OF DEVELOPERS IN THE FIRST NINE MONTHS OF THIS YEAR, THE TOTAL USABLE FLOOR MEA ON BUILDING PLANS WITH CONSENT TO COMMENCE WORK WAS 20 A CENT HIGHER THAN IN THE FIRST NINE MONTHS OF LAST YEAR. THE INCREASE WAS MAINLY CONCENTRATED IN THE RESIDENTIAL SECTOR.
/ON PRICES,