New low: The jobless rate fell to a 64-month low of 4.5% in the August-October period.

The seasonally adjusted unemployment rate fell to a 64-month low of 4.5% in the August-October period, down from 4.7% in July-September, the Census & Statistics Department says.

The underemployment rate rose from 2.3% to 2.4% in the same period.

Decreases in the jobless rate were mainly seen in the decoration and maintenance, real estate, insurance, import-export and retail trades. For the underemployment rate, rises were mainly found in the decoration and maintenance, and manufacturing sectors.

Employment up

Total employment rose by about 4,200 workers to an all-time high of 3,500,300, while the labour force shrank from 3,676,500 to 3,669,200.

The number of jobless people dropped from 180,400 in July-September to 168,900 in August-October, while the number of underemployed people rose from 86,200 to 89,500.

The department said the number of jobless fell below the 170,000 mark for the first time since mid-2001. This was due to the combined influence of a further increase in total employment and a contraction in the labour force between July-September and August-October.

Future outlook 

The near-term outlook will mainly hinge on the growth of business activity and job creation in the corporate sector in the run-up to the Christmas and New Year holidays.

Despite steady improvements in the general employment scene, the mismatch in human resources brought by the structural change in the local economy still needs to be addressed, the department said.