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FRIDAY, NOVEMBER 25, 1988
THE
IN ADDITION, THE REPORT PROVIDES A BRIEF DESCRIPTION OF THE NEW ACCOUNTING ARRANGEMENTS THAT WERE ENTERED INTO BETWEEN EXCHANGE FUND AND THE HONGKONG AND SHANGHAI BANKING CORPORATION IN MID-JULY 1988, AND THE PROGRESS IN IMPLEMENTING THE RECOMMENDATIONS OF THE SECURITIES REVIEW COMMITTEE.
ON THE LABOUR SECTOR, THE REPORT NOTES THAT BETWEEN AND JUNE 1988, EMPLOYMENT IN ALL THE MAJOR SECTORY MANUFACTURING, RECORDED INCREASES .
TRANSPORT
1987 +XCEPT
SERVICES
THE MOST SIGNIFICANT INCREASES OCCURRED IN RELATED TO EXTERNAL TRADE, IN FINANCE AND BUSINESS SERVICES, AND IN THE WHOLESALE, RETAIL AND IMPORT/EXPORT TRADES.
THUS, THE RELATIVE SHIFT IN EMPLOYMENT TOWARDS THE SERVICE SECTORS CONTINUED. REFLECTING THE TIGHT LABOUR MARKET CONDITIONS, VACANCIES IN ALL SECTORS WERE SUBSTANTIALLY MORE THAN A YEAR EARLIER.
BETWEEN JUNE 1987 AND JUNE 1988, NOMINAL EARNINGS INCREASED SIGNIFICANTLY IN THE MANUFACTURING SECTOR AND IN MOST OF THE SERVICE SECTORS.
HOWEVER, AFTER DISCOUNTING THE EFFECT OF CONSUMER PRICE INFLATION, THE GAINS IN REAL TERMS IN SOME OF THOSE SECTORS WERE RELATIVELY MODERATE.
ON THE OTHER HAND, WAGE RATES IN THE BUILDING AND CONSTRUCTION SECTOR CONTINUED TO RISE SUBSTANTIALLY BOTH IN MONEY TERMS AND IN REAL TERMS.
AS REGARDS THE PROPERTY MARKET, THE REPORT NOTES THAT THE DEMAND FOR RESIDENTIAL PROPERTY REMAINED STRONG DURING THE THIRD QUARTER, GIVEN INCREASED HOUSEHOLD INCOMES AND A GENERAL DESIRE ΤΟ ACQUIRE PROPERTY FOR SELF-OCCUPANCY,
THE DEMAND FOR SHOPPING SPACE WAS SUPPORTED BY A HIGH LEVEL OF RETAIL SALES BOTH TO LOCAL RESIDENTS AND TO INCOMING TOURISTS.
THE DEMAND FOR OFFICES WAS ALSO STRONG, SUSTAINED BY THE FLOURISHING ENTREPOT TRADE, AND BY THE CONTINUED DEVELOPMENT OF HONG KONG AS A MAJOR COMMERCIAL AND FINANCIAL CENTRE IN THE REGION.
ON THE OTHER HAND, THERE WERE SIGNS OF CONSOLIDATION IN THE INDUSTRIAL PROPERTY MARKET.
THE THIRD QUARTER ECONOMIC REPORT 1988 WILL BE AVAILABLE SALE ON NOVEMBER 26, 1988 AT THE GOVERNMENT PUBLICATIONS CENTRE CONNAUGHT PLACE, CENTRAL, AT $19 A COPY.
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