MONDAY, NOVEMBER 25, 1985
ON THE LABOUR SECTOR, THE REPORT OBSERVES THAT, COMPARING JUNE 1985 WITH JUNE 1984, EMPLOYMENT IN THE SERVICES SECTOR PARTICULARLY IN THE WHOLESALE, RETAIL, IMPORT AND EXPORT TRADES INCREASED. BUT THIS WAS PARTLY OFFSET BY THE DECLINE IN EMPLOY.... IN MANUFACTURING AND ON BUILDING AND CONSTRUCTION SITES.
THE REPORT FURTHER SAYS THAT OVER THIS PERIOD, EARNINGS (1 TERMS OF PAYROLL PER PERSON ENGAGED) IN THE MANUFACTURING AND TH SERVICES SECTORS CONTINUED TO RISE BOTH IN MONEY TERMS AND IN REAL TERMS.
HOWEVER, REFLECTING THE ADVERSE EFFECTS ON THE WEAK DOMESTIC EXPORT PERFORMANCE ON INCOMES, THERE WAS A MARKED DECELERATION IN THE RATE OF INCREASE IN MANUFACTURING EARNINGS. MEANWHILE, CONSTRUCTION WAGE RATES SHOWED SOME INCREASE IN BOTH MONEY AND REAL TERMS.
THE REPORT OBSERVES THAT THE SLOWING DOWN IN MANUFACTURING ACTIVITY CONTINUED INTO THE THIRD QUARTER OF THIS YEAR, AS EVIDENCE BY THE FIGURES ON DOMESTIC EXPORTS, THE ORDER-BOOK POSITION OF A SELECTION OF LARGE MANUFACTURERS, RETAINED IMPORTS OF RAW MATERIAL AND SEMI-MANUFACTURES, AND ELECTRICITY CONSUMPTION BY THE INDUSTRIAL SECTOR.
ON THE PROPERTY SECTOR, THE REPORT NOTES THE FOLLOWING TRENDS. FIRST, RENEWED CONFIDENCE COUPLED WITH THE SUCCESSIVE REDUCTIONS IN MORTGAGE RATES HAVE HELPED TO STIMULATE DEMAND FOR RESIDENTIAL PROPERTY.
WHILE RENTALS FOR SMALL FLATS HAVE SHOWN SOME SLIGHT INCREASE SO FAR THIS YEAR, THOSE FOR MEDIUM AND LARGE FLATS HAVE BEEN ON A STEADY UPTREND. PRICES GENERALLY ALSO SHOWED SOME INCREASE, EXCEPT FOR MEDIUM FLATS WHERE THE EARLIER RISE IN PRICES APPEARED TO HAVE LEVELLED OFF.
HOWEVER, SECOND, COMPLETIONS OF RESIDENTIAL PROPERTY WERE RUNNING AT A HIGH LEVEL.
THIRD, DEMAND FOR COMMERCIAL PROPERTY IN PRIME LOCATIONS CONTINUED TO IMPROVE, AND PRICES AND RENTALS IN THESE AREAS INCREASED.
FOURTH, THE DEMAND FOR HIGH QUALITY INDUSTRIAL PROPERTY APPEAREZ TO HAVE BEEN SUSTAINED, WITH PRICES AND RENTALS SHOWING SOME INCREASE.
FIFTH, COMPARING THE THIRD QUARTER OF 1985 WITH THE SAME QUARTER IN 1984, PLANNED DEVELOPMENTS OF RESIDENTIAL PROPERTY INCREASED SUBSTANTIALLY IN TERMS OF TOTAL USABLE FLOOR AREA, BUT WAS VIRTUALLY UNCHANGED IN TERMS OF NUMBER OF UNITS, INDICATING A CONTINUED SHIFT TO THE PRODUCTION OF LARGER RESIDENTIAL FLATS. OVER THE SAME PERIOD, PLANNED DEVELOPMENTS OF INDUSTRIAL PROPERTY INCREASED, BUT THOSE OF COMMERCIAL PROPERTY DECREASED.
/ON PRICES,