More jobs: The unemployment and underemployment rates fell to 3.3% and 1.9% in the December to February quarter.

The unemployment rate fell to 3.3% in the December to February period, from 3.4% in the November-January quarter.

The underemployment rate also dropped from 2.1% to 1.9%. Both are the lowest since January-March 1998.

According to the Census & Statistics Department falls in the unemployment rate were mainly observed in the insurance, welfare and community services, amusement and recreational services, and restaurants sectors. Falls in the underemployment rate were mainly seen in the construction, amusement and recreational services, and hotels sectors.

Total employment dropped by 10,200 to 3,540,300. The labour force shrank 11,600 to 3,652,300. The number of unemployed fell to 112,000 from 113,400. The number of underemployed dropped by 6,700 to 68,800.

Youth employment

Secretary for Labour & Welfare Matthew Cheung welcomed the continued decline. He said the Labour Department will strengthen employment support for youths by opening the second Youth Employment Start resource centre March 19 in Metroplaza, Kwai Fong. It provides advisory and support services on employment and self-employment to youngsters.

Mr Cheung said the Government will watch for any impact on the job market arising from the highly volatile global financial market situation and the recent downward adjustment in the local stock market.

In February the department saw 52,187 vacancies from the private sector, up 8.4% on January. It received an average of 2,700 vacancies daily.