Hong Kong's unemployment rate fell to 3.3 percent during the December-February period, the lowest level in 10 years, the Census and Statistics Department revealed on Tuesday.

The latest jobless rate was 0.1 percentage point lower compared with the November-January quarter, according to the Census and Statistics Department.

The underemployment rate also dropped from 2.1 percent to 1.9 percent, both the lowest since January-March 1998.

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

Meanwhile, falls in the underemployment rate were mainly seen in the construction, amusement and recreational services, and hotels sectors.

Secretary for Labor and Welfare Matthew Cheung welcomed the continued decline, noting the Labor Department will strengthen employment support for youths by opening the second Youth Employment Start resource center on Wednesday in Metroplaza, Kwai Fong.

Cheung said the Hong Kong Special Administrative Region 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.

(Xinhua News Agency, March 19, 2008)