LabelingFunction->f specifies that each chart element should have a label given by f[value, index, labs], where value is the data value associated with the element, index is its position in the nested list of datasets, and labs is the list of relevant labels specified by ChartLabels.
A setting of Automatic is effectively equivalent to Placed[#, {Tooltip, StatusArea}]&, and displays the data value for each data element in a tooltip and in the status area.
If the labeling function f returns a labeling expression expr not of the form Placed[...], the labeling expression is taken to be Placed[f[...], Automatic].
Labels in a particular chart can be specified by ChartLabels, LabelingFunction or explicit Labeled wrappers. All labels specified in all ways will be used in any given chart.