XN000022-1989-03-18 — Page 3

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SATURDAY, MARCH 18, 1989

SHOULD CAUTION

BE TAKEN IN CHANGES IN PER CAPITA EARNINGS IN THIS THE

INTERPRETING ROUND OF THE INCREASES

MOST

THE PERCENTAGE SURVEY RESULTS.

THE

WAS MANUFACTURING

THE MAIN

BEHIND

LARGE FACTOR DOUBLE-PAY AND YEAR-END BONUSES BY SURVEYED IN JANUARY THIS YEAR, THAT IS SLIGHTLY NEW YEAR HOLIDAYS IN EARLY FEBRUARY.

ISSUE OF COMPANIES

AHEAD OF THE LUNAR

WERE IN

MID-FEBRUARY.

MANUFACTURING COMPANIES SURVEYED HAD FEBRUARY LAST YEAR. FOR THE COMPARISONS

LAST YEAR, THE LUNAR NEW YEAR HOLIDAYS

OF THUS QUITE A LARGE NUMBER THEIR DOUBLE-PAY AND YEAR-END BONUSES ISSUED IN THIS HAS TENDED TO DISTORT THE YEAR-ON-YEAR JANUARY 1989 FIGURES.

AND YEAR-END BONUSES FIGURES WITH THE

DOUBLE-PAY THE TIMING FOR THE ISSUE OF

JANUARY 1989 HAS ALSO MADE THE COMPARISON OF THE DECEMBER 1988 FIGURES LESS STRAIGHT-FORWARD.

SURVEYED,

WITH THE

PER CAPITA EARNINGS IN JANUARY 1989 INCREASED SUBSTANTIALLY OVER DECEMBER 1988 IN MOST MANUFACTURING INDUSTRIES PARTICULARLY LARGE INCREASES RECORDED IN THE PLASTIC PRODUCTS AND FABRICATED METAL PRODUCTS INDUSTRIES.

HOWEVER, ONLY A MODERATE INCREASE IN PER A REPORTED IN THE FOOD AND DRINKS INDUSTRY, AS SURVEYED IN THIS INDUSTRY

ALREADY ISSUED ANNUAL BONUSES IN THE PRECEDING MONTH.

HAD

CAPITA EARNINGS WAS NUMBER

THE

OF COMPANIES DOUBLE-PAY

AND

COMPARING JANUARY 1989 WITH JANUARY 1988, PER CAPITA EARNINGS INCREASED SUBSTANTIALLY IN ALL MANUFACTURING INDUSTRIES SURVEYED, MAINLY DUE TO THE DIFFERENCE IN THE TIMING OF ISSUING ANNUAL BONUSES BY SOME COMPANIES COMPARED WITH LAST YEAR. THE LARGEST INCREASES RECORDED IN THE PLASTIC PRODUCTS AND THE TEXTILES INDUSTRIES.

WERE

1989 SHOWED

IN THE CONSTRUCTION SECTOR, EMPLOYMENT IN JANUARY

CHANGE WHEN LITTLE

COMPARED WITH DECEMBER 1988 BUT INCREASED

JANUARY SLIGHTLY WHEN COMPARED WITH

1988. PER CAPITA EARNINGS IN JANUARY 1989 INCREASED SUBSTANTIALLY WHEN COMPARED WITH BOTH DECEMBER 1988 AND JANUARY 1988, AGAIN

THE ISSUE OF DOUBLE-PAY AND

YEAR-END BONUSES.

DUE то

COVER COMPANY

IT SHOULD BE NOTED THAT FIGURES FOR THIS SECTOR EMPLOYEES ONLY; SITE WORKERS EMPLOYED BY LABOUR-ONLY SUB-CONTRACTORS ARE NOT INCLUDED.

LEVEL

OF

1988, BUT INCREASED CAPITA EARNINGS IN

IN THE SERVICE SECTORS SURVEYED, THE OVERALL EMPLOYMENT WAS ABOUT THE SAME AS IN DECEMBER MODERATELY WHEN COMPARED WITH JANUARY 1988. JANUARY 1989 INCREASED SIGNIFICANTLY OVER DECEMBER 1988. THE INCREASE RECORDED IN HOTELS WAS PARTICULARLY LARGE.

PER

EARNINGS WAS

REPORTED

IN

THE BONUSES

HOWEVER, A DROP IN PER CAPITA BANKING SECTOR FOLLOWING THE ISSUE OF DOUBLE-PAY AND YEAR-END IN THE PRECEDING MONTH BY MOST BANKS SURVEYED.

/COMPARING JANUARY