TNAG-1483-FCO40-2037-Economic-situation-in-Hong-Kong-1986 — Page 196

The labour and the property markets

1.4

a

The unemployment situation for the labour force as whole remained stable during the first half of 1986. The seasonally adjusted unemployment rate in the second quarter of

1986 was

in 3.0%, compared with 3.2% recorded the previous quarter. In the second quarter of 1985 the rate was 2.9%. Probably reflecting the recent increase in export demand and

domestic demand, the underemployment rate, at 1.9% in the

second quarter, was lower than

than the rate of 2.3% recorded in

the first quarter of 1986. There was, however, an increase compared with

second quarter of 1985, when it was 1.5% (paragraph 4.1). During the twelve months ending June 1986, both the supply of labour and the demand for labour increased at roughly the same rate (paragraphs 4.4 and 4.5).

the

1.5

Comparing March 1986 with March 1985, employment in

the manufacturing sector, in restaurants and hotels and on building and construction sites decreased (paragraphs 4.6, 4.7 and 4.8), but this decrease was more than offset by the increase in employment in the external and distributive trade sectors and in the finance and other related business services sectors (paragraph 4.9). During this period, earnings in the manufacturing and the services sectors, in terms of payroll per person engaged, increased quite rapidly in money terms and in real terms (paragraphs 4.10 and 4.11). Construction wage

rates also recorded some increase in real terms (paragraph

4.13).

to

The property

property market

remained

in

1.6

fairly active

the

first half of 1986, though the increases in prices and rentals

appear

have slowed down compared with 1985 (paragraph 5.5). Completions of new property in the first half of 1986 were generally lower than a year earlier (paragraph 5.6). The residential property market consolidated in the first half of

2

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