The Massachusetts unemployment rate continued to dip in the month before the presidential election, reaching 3.3 percent in October — the lowest level in more than 15 years.

The drop from 3.6 percent in September marks the fourth consecutive month it has fallen, according to the Executive Office of Labor and Workforce Development. The last time the unemployment rate hit 3.3 percent was in April 2001.

The low rate, however, masks the fact that initial estimates show Massachusetts lost 5,500 jobs in October. But the September job gains were higher than originally reported — with employers adding 8,100 jobs, 3,000 more than first estimates — helping to lower the overall unemployment rate.

The national jobless rate was 4.9 percent in October and indications are that the economy continues to strengthen. The number of people seeking unemployment benefits fell to the lowest level since 1973 last week, as businesses held on to their workers, according to the US Labor Department. Weekly applications for jobless benefits declined by 19,000 to a seasonally adjusted 235,000, the agency said on Thursday.

The Massachusetts economy continues to outperform the nation and has among the lowest unemployment rates, boosted by the health care, technology, and education sectors.

So far this year, employers added 61,300 jobs to their payrolls, led by construction; professional, scientific, and business services; education and health services; and leisure and hospitality.

While the report indicates that the state’s employers cut back on jobs in October, that may reflect a measurement problem, said Alan Clayton-Matthews, an economics professor at Northeastern University. The losses were concentrated in areas, including education and hospitality, that surveyors have historically had trouble measuring and tend to have large monthly swings, he said.

But Massachusetts is also well past full employment with employers struggling to fill positions. Many of them may not be adding as many jobs as before because they can’t find the right skilled workers, he said

The state’s older demographic — with more baby boomers retiring — coupled with slow population growth is likely making it difficult for employers to add as many jobs as they would like, Clayton-Matthews said.

And that could constrain the state’s economic growth going forward, he said.

“The economy is nearing a ceiling in the number of new hires it can make,’’ he said. “That might be why there was a job loss. There are many positions that employers weren’t able to hire for, not that the demand has decreased.’’

Still, there are 117,300 Massachusetts residents unemployed. The number of workers who are participating in the labor force and actively looking for work dropped slightly, by 0.1 percentage point in October.

Those left behind in the economic recovery likely don’t have the necessary skills for jobs now available, experts believe.

“We are pleased to see the state’s unemployment rate continue to drop month after month,’’ said Ronald L. Walker II, the state’s secretary of labor and workforce development. “But we are mindful of the residents who have not been able to find a job in the past year. We are doing all we can to reengage those individuals in this job market.’’

Deirdre Fernandes can be reached at deirdre.fernandes@globe.com. Follow her on Twitter @fernandesglobe.