XN000022-1984-08-28 — Page 4

TUESDAY, AUGUST 28, 1984

3

ON THE LABOUR SECTOR, THE REPORT OBSERVES THAT THE SEASONALLY ADJUSTED UNEMPLOYMENT RATE AND THE UNDEREMPLOYMENT RATE BOTH FELL IN THE SECOND QUARTER OF THIS YEAR, TO 3.5 PER CENT AND ONE PER CENT RESPECTIVELY. THE CORRESPONDING FIGURES FOR THE PREVIOUS QUARTER WERE FOUR PER CENT AND 1.5 PER CENT.

AGAINST THE BACKGROUND OF THE CONTINUED STRONG PERFORMANCE OF THE EXPORT SECTOR, MANUFACTURING EMPLOYMENT INCREASED DURING THE 12 MONTHS TO MARCH 1984.

EMPLOYMENT IN THE TERTIARY SERVICES SECTOR, PARTICULARLY IN RESTAURANTS AND HOTELS, ALSO SHOWED SOME INCREASE.

EMPLOYMENT ON BUILDING AND CONSTRUCTION SITES, ON THE OTHER HAND, SHOWED A FURTHER DECLINE DURING THE SAME PERIOD, ALTHOUGH A SLIGHT IMPROVEMENT WAS RECORDED DURING THE FIRST QUARTER OF THIS YEAR.

THE REPORT ALSO MENTIONS THAT DURING THE 12 MONTHS TO MARCH 1984, EARNINGS IN THE MANUFACTURING SECTOR, IN TERMS OF PAYROLL PER PERSON ENGAGED, INCREASED BOTH IN MONEY AND REAL TERMS,

EARNINGS IN THE TERTIARY SERVICES SECTOR IMPROVED IN MONEY TERMS BUT WERE UNCHANGED IN REAL TERMS.

REFLECTING THE DEPRESSED STATE OF THE BUILDING AND CONSTRUCTION INDUSTRY, CONSTRUCTION WAGE RATES FELL IN REAL TERMS, ALTHOUGH IN MONEY TERMS THEY SHOWED A SLIGHT INCREASE.

THE REPORT FURTHER OBSERVES THAT MANUFACTURING ACTIVITY CONTINUED TO EXPAND IN THE FIRST HALF OF THIS YEAR, AS EVIDENCED BY THE LATEST STATISTICS 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 MANUFACTURING SECTOR.

ALTHOUGH NO DIRECT MEASURE OF PRODUCTIVITY GROWTH IS POSSIBLE THE REPORT POINTS OUT THAT THE HIGH LEVEL OF MANUFACTURING ACTIVITY AND MANUFACTURING EXPORTS IN THE FIRST HALF OF 1984 WAS PROBABLY ACCOMPANIED BY A FURTHER IMPROVEMENT IN LABOUR PRODUCTIVITY, MEASURED IN TERMS OF DOMESTIC EXPORTS PER PERSON ENGAGED IN MANUFACTURING, SUCH IMPROVEMENT WAS DUE IN PART TO AN INCREASE IN OVERTIME WORK.

ON THE PROPERTY SECTOR, THE REPORT NOTES THAT APART FROM SMALL RESIDENTIAL FLATS, THE DEMAND FOR PROPERTY GENERALLY REMAINED WEAK.

THE SUPPLY OF NEW PRIVATE-SECTOR PROPERTY, IN TERMS OF TOTAL USABLE FLOOR AREA OF ALL BUILDINGS COMPLETED, FELL BY 43 PER CENT IN THE FIRST HALF OF 1984, COMPARED WITH THE FIRST HALF OF 1983.

PRICES AND RENTALS OF FINISHED PROPERTY IN GENERAL EITHER STABIL ISED OR EASED SLIGHTLY.

/IN OVERALL