Taiwan February job figures reflect good labor market: DGBAS official

Taipei, March 24 (CNA) Taiwan reported on Monday its lowest February jobless rate in 25 years and a 36-year high in labor force participation, with a Directorate General of Budget, Accounting and Statistics (DGBAS) official describing the local labor market as "good."

The unemployment rate in February was 3.34 percent, reflecting a month-on-month increase of 0.04 percentage points. After seasonal adjustments, the jobless rate stood at 3.35 percent, a month-on-month decrease of 0.02 percentage points, DGBAS data showed.

Both rates were the lowest for February since 2001.

Meanwhile, the labor force participation rate rose 0.02 percentage points to 59.33 percent in February, according to the latest data, bringing the average labor force participation rate to 59.32 percent in the first two months of the year.

Tan Wen-ling (譚文玲), deputy director of the DGBAS's Census Department, told reporters at a briefing that the 59.33 percent labor force participation rate could be driven by the general public holding a positive view of the labor market, expecting better job opportunities.

The number of unemployed individuals in February rose 6,000, or 1.39 percent, from a month earlier to 402,000, according to Tan.

About 4,000 of the newly unemployed left their jobs for other work opportunities, while 2,000 were seasonal workers, a common phenomenon in the local job market around the time of the Lunar New Year holiday, which took place from Jan. 25-Feb. 2, Tan said.

The jobless rate in March is expected to move lower as people who left their job start at new workplaces, Tan added.

On Monday the DGBAS also released labor underutilization (LU) indicators it compiled based on the definition provided by the International Labor Organization (ILO).

Among the indicators, the category drawing the most attention is "time-related underemployment," the DGBAS said, noting that in February, the number of time-related underemployed individuals, or those with insufficient working hours, reached 118,000, an increase of 9,000 people, or 7.58 percent, compared to the previous month.

Tan said that the DGBAS's routine job market survey found that weekly work hours in January were higher ahead of the Lunar New Year holiday, and lower in February.

Some people may have worked fewer hours in February due to weaker demand from local shoppers, Tan said.