Taiwan's jobless rate dips to 25-year low for January

Taipei, Feb. 26 (CNA) Taiwan's jobless rate in January dropped by 0.02 percentage points from December to 3.3 percent, the lowest for that month in 25 years, indicating a stable job market, but the rate is expected to move higher next month with many people changing jobs after the Lunar New Year holiday, the Directorate General of Budget, Accounting and Statistics (DGBAS) said on Wednesday.

In January, about 396,000 people were unemployed, a fall of 3,000 from a month earlier, representing a fifth consecutive month of decline, DGBAS data showed.

After seasonal adjustments, the unemployment rate stood at 3.37 percent, down 0.01 percentage points from December, according to the data.

Among the 396,000 unemployed, the number of those who are jobless due to dissatisfaction with their original jobs in January declined by 2,000 from the previous month.

Meanwhile, the number of unemployed people seeking work for the first time dropped by 1,000 from a month earlier, while the number of workers who became unemployed due to business closures or downsizing also dropped by 1,000 in January, the DGBAS said.

In terms of educational background, college graduates registered the highest jobless rate of 4.45 percent, followed by senior high school graduates (3.10 percent) and post-graduates (2.70 percent).

Meanwhile, the unemployment rate was highest among people 20-24 years old, at 11.14 percent, because of the high concentration of first-time jobseekers in that age group, and 5.58 percent was recorded in those aged 25-29, while 3.36 percent of people aged 30-34 were unemployed, according to the DGBAS data.

Speaking with reporters, Tan Wen-ling (譚文玲), deputy director of the agency's Census Department, said that while the labor market was stable in January, the jobless rate in February is likely to rise following the Lunar New Year holiday, a time when people consider changing jobs after receiving year-end bonuses.

In addition, due to termination of some seasonal and temporary contracts , the unemployment rate would usually rise after the Lunar New Year holiday, meaning that there is a high probability that the unemployment rate in February will end its five consecutive months of decline and rise instead, Tan added.

Moreover, the number of whose who were placed in time-related underemployment declined by 21,000 from the previous month to 109,000 in January.

In January, the number of employed rose 7,000 from a month earlier to 11.619 million with the labor participation rate at 59.31 percent, up 0.01 percentage points, according to the DGBAS data.