Unemployment rate climbs to 3.3% in Q2

While median household income rises.

Hong Kong’s unemployment rate rose to 3.3% in May-July from 3.2% in April-June 2014.

According to a research note from Barclays, meanwhile, there was no change to the underemployment rate at 1.5%. Total employment increased by 26,400 to 3,771,100 in May-July 2014, but the labour force was also up by 32,100 persons to 3,904,400.

The Secretary for Labour and Welfare commented that the labour market showed some initial signs of easing with the distinct slackening in inbound tourism and slowdown in domestic demand recently.

Here's more from Barclays:

He added that the economic outlook is still clouded by downside risks stemming from both domestic and external fronts.

Separately, Hong Kong’s median monthly household income rose 4.1% y/y to HK$22,900/month in 2Q 2014.

Private median household income increased by 5.3% y/y to HK$31,800.

In particular, at the high end the number of households with monthly income above HK$100,000 grew 7.6% y/y to 112,000 in 2Q 2014, while households with income below HK$10,000 fell 1% y/y to 513,300.