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Taiwan sees drop in October unemployment rate

2017/11/22 18:43:02

CNA file photo

Taipei, Nov. 22 (CNA) The jobless rate in Taiwan fell in October from the previous month amid continued domestic economic growth, government statistics showed Wednesday.

The lower unemployment rate of 3.75 percent also reflected a drop in the number of first-time jobseekers after the annual graduation season, according to the Directorate General of Budget, Accounting and Statistics (DGBAS).

In October, the jobless rate fell 0.02 percentage points from a month earlier and 0.20 percentage points year-on-year, the DGBAS data showed.

After seasonal adjustments, the October unemployment rate was 3.69 percent, a monthly drop of 0.02 percentage points, the DGBAS said.

The number of the unemployed people in Taiwan fell 2,000, or 0.40 percent, in October from the previous month to 443,000, with the number of those who lost jobs due to business closures and downsizing dropping by 2,000, the data showed.

Meanwhile, the number of first-time jobseekers declined by 3,000 from a month earlier, while the number of those who quit their jobs to seek new ones rose by 2,000, the data indicated.

The number of employed people was 11.38 million, an increase of 16,000, or 0.14 percent, from a month earlier, while the labor participation rate was 58.91 percent, up 0.05 percentage points from September, the DGBAS figures showed.

DGBAS Census Department Deputy Director Pan Ning-hsin (潘寧馨) said the latest unemployment data was an indication that the local job market was improving amid favorable economic conditions.

The government has been upbeat about the economic fundamentals, forecasting the domestic economic growth at 2.11 percent in 2017, and 2.27 percent in 2018, after a 1.48 percent increase in 2016.

By age, the unemployment rate among people 15-19 was 8.03 percent in October, with most of them being first-time jobseekers, while it was 12.33 percent among those 20-24 because of the high turnover in that category of workers looking for a job they really like, the DGBAS said.

The jobless rate among people with a college degree or higher was 5.20 percent, the highest among all education groups, the DGBAS said.

In the first 10 months of the year, Taiwan's jobless rate averaged 3.77 percent, down 0.17 percentage points from a year earlier, while the labor participation rate averaged 58.81 percent, up 0.08 percentage points year-on-year, the DGBAS said.

(By Chen Cheng-wei and Frances Huang)
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