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Total employment showed quite a notable increase, by 2.5% in the third quarter over a year earlier. But this was outstripped by an even stronger growth in labour supply, by 4.0% over the same period. As a result, the numbers unemployed continued to rise in recent months.
The rise in unemployment since the beginning of the year was concentrated mostly in the manufacturing, wholesale and retail trades, restaurants and hotels, and transport sectors.
To a large extent this was caused by the slow-down in consumer spending, which had not only dampened business in the retail and restaurant sub-sectors, but also affected their ability to absorb workers released from manufacturing.
The unemployment rate in the construction sector also rose markedly.
Much of this was related to slackened demand for renovation and interior decoration.
As to underemployment, the rise was concentrated mainly in the construction sector and to a lesser extent also in the transport sector.
The underemployment situation in the other sectors remained generally stable.
Average earnings in many of the major sectors showed further increases in money terms and in real terms in the second quarter over a year earlier.
The exceptions were community, social and personal services, and restaurants and hotels, which reported declines in earnings in real terms.
Construction wages showed little change in real terms.
The property market
Trading activity in the residential property market moderated again in the third quarter, following a rebound after the Chinese New Year.
Buyers generally adopted a wait-and-see attitude.
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