2
7.
to
The performance of domestic exports in June varied
markets. among major
In value terms,
domestic exports Japan and China grew significantly over a year earlier, while those to the United States recorded a modest increase. On the other hand, domestic exports to the Federal Germany and the United Kingdom declined.
8.
Republic
of
rate
The
The provisional seasonally adjusted unemployment was 1. 48 in the second quarter of 1989, 0.1
of a percentage point higher than in the preceding quarter. underemployment rate was 0.8%, the same as in the preceding quarter. Thus the labour market remained generally tight.
9.
Between March 1988 and March 1989, employment in the manufacturing sector decreased by 4%, while employment in the service seccors as a whole increased by 5%. Employment on building and construction sites recorded a small decline. The tight labour market has led to further increases in labour incomes. Earnings in the manufacturing sector and in most of the services sectors, in terms of payroll per person engaged, rose significantly both in money terms and in real terms during the twelve months ending March 1989. The increase in construction wage rates remained substantial.
10.
The year-on-year rate of increase in the Consumer Price Index (A) was 11.0% in June, up from 9.6% in April and 10.6% in May. This was the fastest rate of increase recorded since February 1984. Higher prices of foodstuffs, including meals bought away from home, and of services were the main contributory factors. Also relevant to the price increase was a temporary disruption in supply of fresh vegetables and live poultry from China in early part of June. For the first half of 1989 as a whole, the CPI (A) rose by 10.1% over the same period last year.
11.
The market exchange rate of the Hong Kong dollar against the US dollar stayed close to the linked rate during July, fluctuating between HK$7.780 and HK$7.807 to US$1. It closed the month at HK$7.805 to US$1. As the US$ softened, the overall exchange value
value of the Hong Kong dollar, in terms of the effective exchange rate index, fell from 104.6 at the end of June to 102.9 at the end of July.
12.
In line.
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