XN000022-1993-11-26 — Page 6

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FRIDAY, NOVEMBER 26, 1993

RETAINED IMPORTS OF CONSTRUCTION MACHINERY DECLINED BY ABOUT IN REAL TERMS IN THE THIRD QUARTER, AFTER THE SHARP UPSURGE IN RECENT QUARTERS.

18%

THE LABOUR MARKET TIGHTENED UP SOMEWHAT IN THE THIRD QUARTER, HAVING REMAINED RELATIVELY STABLE EARLIER IN THE YEAR.

THE SEASONALLY ADJUSTED UNEMPLOYMENT RATE IN THE THIRD QUARTER, AT 2%, WAS 0.2 OF A PERCENTAGE POINT LOWER THAN IN THE PRECEDING QUARTER, THOUGH 0.1 OF A PERCENTAGE POINT HIGHER THAN IN THE SAME QUARTER LAST YEAR.

THE UNDEREMPLOYMENT RATE, AT 1.3% IN THE THIRD QUARTER, WAS 0.7 AND 0.6 OF A PERCENTAGE POINT RESPECTIVELY LOWER THAN IN THE PRECEDING QUARTER AND IN THE SAME QUARTER LAST YEAR.

LABOUR MARKET CONDITIONS IN THE SERVICE SECTORS REMAINED GENERALLY TIGHTER THAN IN THE MANUFACTURING AND CONSTRUCTION SECTOR9.

REFLECTING THE ON-GOING SHIFT IN LABOUR RESOURCES TOWARDS SERVICES, EMPLOYMENT IN MOST OF THE MAJOR SERVICE SECTORS ROSE FURTHER IN THE TWELVE MONTHS ENDING JUNE 1993, WHILE THAT IN MANUFACTURING CONTINUED TO FALL.

DECLINE.

EMPLOYMENT ON BUILDING AND CONSTRUCTION SITES ALSO RECORDED A

CONCURRENTLY,

VACANCIES IN THE MANUFACTURING SECTOR CONTINUED ΤΟ DECREASE, WHILE THOSE IN FINANCE, INSURANCE, REAL ESTATE AND BUSINESS SERVICES INCREASED MARKEDLY. VACANCIES ON BUILDING AND CONSTRUCTION SITES SHOWED VIRTUALLY NO CHANGE.

SITUATION,

BENEFITED FROM WHAT WAS IN EFFECT A FULL EMPLOYMENT AVERAGE EARNINGS IN ALL MAJOR SECTORS CONTINUED TO RISE SIGNIFICANTLY

IN MONEY TERMS BETWEEN JUNE 1992 AND JUNE 1993.

AFTER ADJUSTING FOR INFLATION, THERE WERE STILL REAL GAINS OF VARIOUS MAGNITUDES IN ALL THESE SECTORS.

THE RESIDENTIAL PROPERTY MARKET REMAINED GENERALLY ACTIVE IN JULY AND AUGUST, BUT SHOWED CLEAR SIGNS OF MODERATION IN SEPTEMBER.

NOTWITHSTANDING A SUSTAINED LOW MORTGAGE RATE, THE REDUCED AFFORDABILITY OF FLATS FOLLOWING THE RECENT PRICE UPSURGE, COUPLED WITH THE FURTHER TIGHTENING OF MORTGAGE LENDING BY THE MAJOR BANKS DURING THE THIRD QUARTER, HAD SET IN TO DAMPEN ACTIVITY.

TRADING IN THE SECONDARY MARKET QUIETENED DOWN

CONSIDERABLY

TOWARDS THE END OF THE QUARTER.

MARKET LATELY,

RESPONSE TO THE PRE-COMPLETION SALES OF FLATS IN THE PRIMARY ALSO TURNED LESS ENTHUSIASTIC. THE PRICES OF FLATS SOFTENED ALTHOUGH RENTALS CONTINUED TO SHOW A STEADY INCREASE.

ON OFFICE SPACE, DEMAND WAS STILL FIRM IN THE THIRD QUARTER.

THE SALES MARKET REMAINED FAIRLY ACTIVE, ALTHOUGH PRICES HAD TENDED TO STABILISE. RENTALS NEVERTHELESS CONTINUED TO RISE.

/ON SHOPPING