HK's jobless rate rises to 3.4 pct

Hong Kong's seasonally adjusted unemployment rate rose from 3.3 percent in July-September to 3.4 percent in August-October, while the underemployment rate fell from 1.6 percent to 1.5 percent, the city's Census & Statistics Department announced Monday. Increases in the unemployment rate were mainly observed in the accommodation services, transportation and construction sectors. As to the underemployment rate, decreases were mainly seen in the construction, and wholesale sectors. The total employment increased by around 6,000 from 3,658,900 in July-September to 3,664,900 in August-October. Over the same period, the labor force also increased by around 4,100 from 3,791, 800 to 3,795,900. Hong Kong's Secretary for Labor & Welfare Matthew Cheung said the unsettling Eurozone debt crisis and looming U.S. fiscal cliff have added uncertainty to economic prospects. "There might be further upward pressure on the unemployment rate in the period ahead. Yet, the usually more vibrant business activities around the festive periods towards the year-end should render some support to labor demand," he said.