On offer: Over 2,800 jobs will be offered to university graduates at a job fair on June 22-23 at  Central Library.

The overall labour market sentiment remains generally buoyant, with total employment rising to a record high of around 3.36 million in March-May, while the seasonally adjusted jobless rate fell from 5.9% to 5.7%, a 43-month low.

According to the latest labour force statistics released today, the seasonally adjusted unemployment rate fell from 5.9% in February-April to 5.7% in March-May, the lowest level recorded since August-October 2001. The underemployment rate held stable at 3%.

Falls in the jobless rate were mainly observed in the construction, manufacturing and business services sectors. As to the underemployment rate, welfare and community services, sanitary services and retail trade sectors recorded falls, offsetting the surge seen in the construction and restaurants sectors.

Total employment

Total employment rose 9,400 to 3.359 million. The total labour force also grew by 3,800 to 3.563 million.

The number of unemployed fell by 4,600 to 205,000, while the number of underemployed people stood at 107,000, similar to the 106,600 in the preceding period.

In the ensuing few months, the labour supply is expected to be boosted by the increased entry of 40,000 fresh graduates and school leavers into the labour market.

The outlook for unemployment will depend crucially on the sustained pick-up in economic activity and job creation in the corporate sector for absorbing these newcomers.

Job placement

In May, the Labour Department achieved an all-time high of 9,644 job placements, a surge of 4.9% over the last peak of 9,193 recorded in April.

The department also captured 35,688 private sector vacancies, representing a significant increase of 49.2% over the same period last year. On average 1,600 vacancies were received from the private sector on each working day last month.

A two-day job fair for university graduates will be staged on June 22-23 at the Central Library. Over 2,800 vacancies will be offered by 60 employers.