XN000022-1981-12-29 — Page 8

SECTOR OF

THE ECONOMY

1

?

TUESDAY, DECEMBER 29, 1981

NOMINAL INDEX OF

PAYROLL PER PERSON ENGAGED

(JUNE 1980 = 100)

REAL INDEX OF

PAYROLL PER PERSON ENGAGED

JUNE 1980 - 100)

SEP 80 DEC 80 MAR 81 JUN 81 SEP 80 DEC 80 MAR 81 JUN 81

MANU-

104.7 114.8

115.3

119.1

99.8 107.7 102.9

102.9

FACTURING

WHOLESALE/ 104.1 127.4 116.5 119.1

99.2 119.5 103.9 102.9

RETAIL

IMPORT

EXPORT

AND

RES-

TAURANTS/

HOTELS

FINANCE,

100.6 152.2 111.9

111.9 117.2 95.9

142.8

99.8 101.3

INSURANCE

REAL

ESTATE

AND

BUSINESS

SERVICES

AS COMPARED WITH JUNE 1980. THE NOMINAL INDEX OF PAYROLL PER PERSON ENGAGED IN JUNE 1981 REGISTERED INCREASES OF BETWEEN 17 PER CENT AND 19 PER CENT IN ALL THREE SECTORS. THE INCREASE IN THE NOMINAL INDEX IN THE FINANCE, INSURANCE, REAL ESTATE AND BUSINESS SERVICES SECTOR, AT 17.2 PER CENT, WAS MUCH LESS THAN THE INCREASE IN TOTAL PAYROLL BECAUSE THE LARGE INCREASE IN TOTAL PAYROLL IN THIS SECTOR WAS IN PART DUE TO RAPID GROWTH IN EMPLOYMENT. AFTER ADJUSTING THE NOMINAL INDEX TO INDICATE CHANGES IN PURCHASING POWER, THE REAL INDEX OF PAYROLL PER

AS PERSON ENGAGED SHOWED A MUCH MORE MODERATE GROWTH. COMPARED WITH JUNE 1980, THE INCREASES IN THE INDEX WERE 2.9 PER CENT, 2.9 PER CENT AND 1.3 PER CENT IN THE MANUFACTURING= WHOLESALE/RETAIL, IMPORT/EXPORT AND RESTAURANTS/HOTELS AND FINANCE, INSURANCE, REAL ESTATE AND BUSINESS SERVICES SECTORS RESPECTIVELY,

ACCORDING TO THE DEFINITION ADOPTED IN THE SURVEY, PAYROLL OUTLAYS INCLUDE WAGES AND SALARIES OVERTIME PAY- VARIOUS CASH ALLOWANCES, BONUSES AND GRATUITIES SEVERANCE AND TERMINATION PAY AND PAY IN LIEU OF LEAVE, ETC. EMPLOYERS' CONTRIBUTIONS TO SOCIAL SECURITY AND PENSION SCHEMES AND ALSO BENEFITS RECEIVED BY EMPLOYEES UNDER THESE SCHEMES ARE HOWEVER EXCLUDED. ALSO EXCLUDED ARE PROF ITS EARNED BY PROPRIETORS AND BUSINESS PARTNERS, PENSIONS, PAYMENTS TO OUTWORKERS AND PAYMENTS IN KIND. CONSEQUENTLY TOTAL PAYROLL SHOULD BE INTERPRETED AS THE AMOUNT OF DIRECT CASH PAYMENTS EMPLOYEES RECEIVE FROM THE IR EMPLOYERS,

THE CENSUS AND