TNAG-2977-FCO40-1469-Economic-policy-in-Hong-Kong-1982 — Page 108

1.3

domestic

The growth rate of

demand has also been

slowing down and the growth rate of retained imports of

consumer goods has continued to decelerate (paragraph 2.11).

Nevertheless, domestic demand and activity in the tertiary

services sectors still probably

economic growth.

The employment situation

1.4

provided the impetus

to

which had

The seasonally adjusted unemployment rate,

been falling throughout 1981, increased slightly in the first

quarter of 1982 to 3.5% (paragraph 4.2). The factors behind

this small increase include more substantial changes in the

demand for labour and the supply of it (paragraphs 4.4 to

4.6). The demand for labour, which had been increasing,

dropped marginally in absolute terms during the six months

ending March 1982, as export demand and consumer demand both

slackened. But the supply of labour also dropped in absolute

terms during the same period as the adverse effect of

immigration on family income subsided (paragraph 4.4).

Despite this, output per head appears to have continued to rise (paragraph 4.7).

1.5

Employment in the

manufacturing sector dropped

slightly during the first quarter (paragraph 4.9) while

employment in the tertiary services sectors continued to

increase. But as inflation continued to ease,

wage rates for

manufacturing workers increased in real terms, as did salaries

in the tertiary services sectors (paragraph 4.13).

Property

1.6

Prices and rentals for property in general were

either the same as or lower than their levels in the second

half of 1981 (paragraph 6.9). Meanwhile,

substantial although less than in the

(paragraph

Building

5.6).

completions remained

first half of 1981

activity

also

2

/ remained

: