4.
the Colony's clothing exports, registered a decline in volume of nearly
8% (on 9 months' figures). A notable success was the 50% rise in the
volume of electronic component sales, coupled with a fall of 8% in
export prices - but this group still did not bulk large among exports
(the USA took three-quarters of these components sold). |
Employment
Demand for labour was
"slack".
Growth of employment in those
segments of industry for which statistics are available (covering in
1971 rather less than 40% of the working population but a fairly high
proportion of workers in manufacturing industry) was slowing down:
Years ending:
December December
1970
1971
December 1972
Decembe
1973
Increase in Numbers
Employed in Industry
+ 5.0% + 2.7%
+ 2.4%
+ 1.2%
For comparison:
Growth of Total Population
of Colony
+ 2.5%* + 2.2%*
+ 0.8%*†
+ 2.0%*
Covers all major groups of activity (except agriculture, constructi
and finance) but excludes those smaller enterprises having less than 20 employees or lacking power-driven machinery. *Percentage changes from mid-year to mid-year.
†1972 is rather puzzling since birth and death rates did not change
greatly presumably the lower figure reflects net emigration.
And the larger enterprises of the manufacturing sector., reported
vacancies (again on incomplete statistics) of only 9,000 last September
against 18-21,000 in September of the four preceding years.
Rather surprisingly in the light of the above trends, the
Secretary for Social Service reportedly told a LEGCO meeting in May
there was no evidence of a marked increase in unemployment in the last
few months, though there were indications that under-employment was
going up.
A recent visitor from Ockenden's Office confirmed this,
suggested a general slackening of economic activity this year.
and
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