The setback in retail sales was mainly concentrated in motor vehicles and other consumer durables.
Spending on clothing and footwear and on various other consumer non- durables still registered increases.
As the weak consumer sentiment prevailed, retained imports of consumer goods fell considerably, by about 8% in real terms in the third quarter over a year earlier, following increases of 19% in the first quarter and 5% in the second quarter.
As to construction, overall expenditure on building and construction rebounded to an increase of 9% in real terms in the second quarter, having declined by 3% in the first quarter.
Activity was propelled mainly by intensive construction work in the public sector, with output by this sector picking up markedly to a 57% growth in real terms in the second quarter, from an increase of only 1% in the first quarter.
Activity in the private sector however remained subdued.
Apart from the completion or winding down of a number of large projects earlier in the year, the continued decline in building consents also points to a further slackening in private sector building activity.
The labour market
The seasonally adjusted unemployment rate rose further to 3.5% in the third quarter, from 3.1% in the second quarter. The underemployment rate, at 2.5% in the third quarter, was also higher than that of 2.1% in the second quarter.
In the three months ending October, the seasonally adjusted unemployment rate rose to 3.6%, while the underemployment rate edged lower to 2.3%.
Nevertheless, for many of those in employment, manpower utilisation was still intensive, as can be seen from the rise in the proportion of the employed population working longer hours in the third quarter as compared to both the preceding two quarters and the same quarter last year.
No comments yet.
Private notes are available after approval.