Hong Kong's jobless rate has declined by 0.1 per cent, amid warnings that firms are getting more cautious. Census and Statistics Department figures showed the unemployment rate between May and July fell to 3.4 per cent, down from 3.5 per cent between April and June. Secretary for Labour and Welfare Matthew Cheung Kin-chung said the employment situation hinged on economic performance and the corporate sector's job-creating capacity. 'While the overall job vacancy is still at a relatively high level, some employers have adopted a more cautious attitude towards staff recruitment recently,' he said. The unemployment rate peaked at 5.5 per cent two years ago.