Taiwan's jobless rate dips to 24-year low in 2024

Taipei, Jan. 22 (CNA) Taiwan's jobless rate for 2024 was 3.38 percent, the lowest in 24 years, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Wednesday.

Data compiled by the DGBAS showed the local unemployment rate in 2024 fell 0.1 percentage points from a year earlier to 3.38 percent, the lowest since 2000, when the figure stood at 2.99 percent, after the number of those who lost jobs fell 9,000 from a year earlier to 406,000.

By education level, the unemployment rate among those with a university degree was 4.52 percent in 2024, the highest among all educational levels.

The rate for individuals with a senior high or junior high school education was 3.21 percent in 2024, while the rate among those with a vocational college degree stood at 2.68 percent, according to DGBAS figures.

By age, the unemployment rate for those aged 20-24 in 2024 was 11.62 percent because of the high concentration of first-time jobseekers in the age group, but was only 5.87 percent for individuals aged 25-29 and 3.36 percent for those aged 30-34, the data showed.

In addition, the jobless rate for individuals aged 15-19 was 8.58 percent in 2024, the DGBAS said.

Speaking with reporters, Tan Wen-ling (譚文玲), deputy director of the agency's Census Department, said the job market in Taiwan remained stable.

Tan said the number of individuals in employment hit about 11.60 million in 2024, up 67,000 from a year earlier.

She pointed out that the service sector recorded the largest increase of 77,000 last year, including 24,000 in the hospitality and food/beverage industry, 20,000 in the healthcare industry, and 10,000 in the warehousing/logistics sector.

However, the number employed in the manufacturing sector fell 7,000 from a year earlier while the number in semiconductor related industries continued to rise, Tan said.

In December alone, the local jobless rate moved lower by 0.04 percentage points from a month earlier to 3.32 percent. After seasonal adjustments, the unemployment rate stood at 3.39 percent, down 0.02 percentage points from November, the data indicated.

The DGBAS said the number of individuals unemployed in December fell 4,000, or 1.07 percent, from a month earlier to 399,000, while the number employed rose 6,000, or 0.05 percent, from a month earlier to 11.61 million with the labor participation rate at 59.30 percent, up 0.01 percentage points.

It said the number of first-time jobseekers fell 3,000 from a month earlier in December, and that the number of those who lost jobs due to termination of seasonal and temporary contracts decreased 2,000.

Those who became unemployed due to business closures and downsizing fell by 1,000 in December, the DGBAS said.

Looking ahead, Tan said the jobless rate in January is likely to fall further following a spike in business activity during the Lunar New Year holiday, which runs from Jan. 25 to Feb. 2.

However, the unemployment rate could increase in February as many individuals tend to start looking for a new job after the Lunar New Year holiday.