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Taiwan unemployment at 3.91% in November (update)

Taiwan unemployment at 3.91% in November (update)

Taiwan's unemployment rate stood at 3.91 percent in November, up 0.01 percentage points from a month earlier, government statistics showed Tuesday.

The Directorate General of Budget, Accounting and Statistics (DGBAS) said the month-on-month increase in the November jobless rate largely reflected a slowdown in the local economy, which prompted many enterprises in the local manufacturing sector to cut working hours.

The jobless rate in November was the highest since October 2014, when it hit 3.95 percent, but the second lowest level for the month of November after it dropped to 3.89 percent last year, the DGBAS said. After seasonal adjustments, Taiwan's jobless rate showed a 0.05 percentage point increase to 3.84 percent compared with November last year.

The DGBAS said the higher unemployment rate was due to the weak domestic economy.

Last month, the DGBAS cut its forecast for Taiwan's 2015 gross domestic product (GDP) growth from 1.56 percent to 1.06 percent, citing poor export performance.

Several think tanks have said, however, that Taiwan is unlikely to register 1 percent economic growth for 2015.

In November, the number of people in Taiwan who lost their jobs rose 2,000 from a month earlier to 457,000, the DGBAS data showed.

The number who lost their jobs due to business closures or downsizing increased by 3,000 from the previous month, while job losses attributed to the expiry of temporary contracts rose 1,000 from October, according to the statistics.

However, the DGBAS said the number of first-time jobseekers dropped in November by 2,000 from the previous month, while the number of workers who quit because they were unhappy with their jobs fell 1,000.

The jobless rate in the 15-24 age bracket stood at 12.30 percent in November, the highest among the age groups, while in the 25-44 age group it was 4.04 percent, and in the 45-64 age bracket 2.12 percent, the DGBAS said.

It said unemployment among the people with college degrees or higher stood at 4.26 percent in November, and among those with university degrees or higher at 4.88 percent.

The November data showed a 0.09 percent monthly growth in the number of people who were in employment to 11.24 million, an increase of 10,000, and a labor participation rate of 58.74 percent, up 0.01 percentage points from a month earlier.

In the first 11 months of the year, the local jobless rate averaged 3.77 percent, down 0.20 percentage points year-on-year and the lowest level in 15 years, the DGBAS said. (By Chen Cheng-wei, Jay Chen and Frances Huang)

Updated : 2021-09-21 11:05 GMT+08:00