FRIDAY, NOVEMBER 27, 1981
ON THE LABOUR SECTOR, THE REPORT POINTS OUT THAT, ACCORDING TO INFORMATION NOW AVAILABLE, THERE ARE INDICATIONS OF UNEMPLOYMENT FALLING SINCE THE MIDDLE OF THIS YEAR. THIS HAS BEEN HADE POSSIBLE BY SUBSTANTIAL GROWTH IN THE DEMAND FOR LABOUR AS THE ECONOMY CONTINUED TO GROW RAPIDLY. EVEN IN THE MANUFACTURING SECTOR, WHERE THE GROWTH RATE OF DEMAND FOR LABOUR WAS NOT LIKELY TO HAVE BEEN PARTICULARLY STRONG COMPARED WITH OTHER SECTORS, LOYMENT IN JUNE THIS YEAR WAS AT A RECORD LEVEL AND SHORTAGES WEKE REPORTED IN SOME INDUSTRIES. AS FOR THE SUPPLY OF LABOUR, IT HAS PROBABLY CONTINUED TO GROW FAIRLY RAPIDLY AS MORE PEOPLE OF WORKING AGE WERE JOINING THE LABOUR FORCE.
ON ACTIVITY IN THE MANUFACTURING SECTOR, THE REPORT OBSERVES THAT APART FROM THE TEXTILES (EXCLUDING CLOTHING) INDUSTRY, ACTIVITY IN THE MANUFACTURING SECTOR AS A WHOLE CONTINUED 10 GROW IN THE THIRD QUARTER AS INDICATED BY STATISTICS ON DOMESTIC EXPORTS AND ELECTRICITY CONSUMPTION NOTABLE EXAMPLES OF THIS WERE THE CLOTHING, ELECTRONICS AND TOYS INDUSTRIES. THE REPORT ALSO SUGGESTS THAT PROSPECTS FOR THE MANUFACTURING SECTOR AT PRESENT ARE BRIGHTER THAN AT THE BEGINNING OF THIS YEAR, AS EVIDENCED BY THE SHARP ACCELERATION IN THE GROWTH RATE OF RETAINED IMPORTS OF RAW MATERIALS AND SEMI-MANUFACTURES.
ON THE PROPERTY SECTOR, THE REPORT NOTES THAT THE ADDITIONAL SUPPLY OF ALL TYPES OF PROPERTY CONTINUED TO BE SUBSTANTIAL IN THE THIRD QUARTER AND THE PROPERTY MARKET AS A WHOLE APPEARED TO BE UNDER GOING A PERIOD OF ADJUSTMENT. PRICES FOR PROPERTY IN GENERAL (AND FOR RELATIVELY SMALL RESIDENTIAL FLATS AND COMMERCIAL PREMISES OTHER THAN THOSE IN PRIME LOCATIONS IN PARTICULAR) APPEARED TO HAVE EASED DURING THE THIRD QUARTER AND CONSEQUENTLY LAND PRICES ALSO EASED. MOVEMENTS OF RENTALS IN GENERAL SHOWED TRENDS SIMILAR TO THOSE OF PRICES EXCEPT FOR DOMESTIC RENTALS WHICH CONTINUED TO INCREASE MODERATELY AS THE DEMAND FOR PRIVATE RENTED ACCOMMODATION REMAINED STRONG.
ON PRICES IN THE THIRD QUARTER, THE REPORT SUGGESTS THAT DOMESTIC INFLATION WAS EASING GENERALLY AS THE DEMAND FOR DOMESTIC RESOURCES AND THE SUPPLY OF THEM, INCLUDING LAND AND PROPERTY, CONTINUED TO MOVE INTO BALANCE. THE RATE OF INCREASE IN THE GDP DEFLATOR, THE BEST MEASURE OF DOMESTIC INFLATION, FOR 1981 AS A WHOLE IS EXPECTED TO BE SLOWER THAN FOR 1980. BUT, THE REPORT ALSO POINTS OUT THAT, AS THE EFFECTS OF THE DEPRECIATION OF THE HONG KONG DOLLAR AND THE FAIRLY HIGH RATE OF WORLD INFLATION WORKED THE IR WAY THROUGH THE ECONOMY, CONSUMER PRICES WERE STILL INCREASING RAPIDLY IN THE THIRD QUARTER.
THE THIRD QUARTER ECONOMIC REPORT 1981 IS NOW ON SALE AT $8 A COPY.
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