54 The Economy
registered a larger pay cut in money terms, by 3 per cent. Individuals working in the transport, storage and communications; community, social and personal services; and manufacturing sectors also suffered pay cut of 2.4, 1.8 and 1.1 per cent respectively (Chart 12).
Chart 11
Total Labour Force and Total Employment (year-on-year rate of change)
Chart 12
Per cent
4
3
NI
2
0
Total employment
Total labour force
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2004
2008
2005
2006
2007
Employment continued to grow faster than the labour force in the first three quarters of 2008 but the trend was reversed in the fourth quarter.
Labour Earnings
(a) Year-on-year rate of change in money terms
(b) Year-on-year rate of change
in real terms
Per cent
Per cent
10
10
Financing, insurance,
8
8
real estate and
business services
6
LO
6
Financing, insurance, real estate and
business services
4
2
2
Service sectors
as a whole
0
0
Service sectors
-2
-2
as a whole
-4
-4
-6
-6
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2004 2005 2006 2007 | 2008
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2004 2005 | 2006 | 2007 | 2008
Labour earnings reverted to year-on-year decline in both money terms and real terms in the fourth quarter of 2008.
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