Jobless rate inches a tad higher to 3.4%

Still shaken by Eurozone debt crisis.

According to a government release, the seasonally adjusted unemployment rate increased from 3.3% in July-September to 3.4% in August-October, while the underemployment rate decreased from 1.6% to 1.5%.

Total employment increased by around 6,000 to 3,664,900 in August-October, while the labour force grew by 4,100 to 3,795,900.

The Census & Statistics Department announced the figures today, saying the increases in the unemployment rate were mainly observed in the accommodation services, transportation and construction sectors.

For the underemployment rate, decreases were mainly seen in the construction and wholesale sectors.

Secretary for Labour & Welfare Matthew Cheung said the unsettling Eurozone debt crisis and looming US 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 labour demand.

"We will stay vigilant and monitor developments closely. The Labour Department will also continue its efforts in providing comprehensive employment services to job-seekers."