Taiwan's jobless rate falls to 3.70% in November

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Commuters at MRT Taipei City Hall

Commuters at MRT Taipei City Hall (By Wikimedia Commons)

Taipei, Dec. 22 (CNA) Unemployment in Taiwan fell to 3.70 percent in November, pointing to a stable job market, government statistics showed Saturday.

According to data compiled by the Directorate General of Budget, Accounting and Statistics (DGBAS), the November unemployment rate fell 0.05 percentage points from a month earlier.

Year-on-year the November jobless rate dropped 0.01 percentage points, the DGBAS said.

The latest jobless rate was the lowest for November in 18 years, the DGBAS said.

After seasonal adjustments, the November figure also fell 0.01 percentage points from a month earlier to 3.69 percent, the data showed.

Pan Ning-hsin (潘寧馨), deputy director of the DGBAS census department, told the press that while the pace of local economic growth has shown signs of moderating, the local job market remains stable and has not yet felt the pinch of slower economic growth.

In November, the number of those classified as unemployed fell 5,000 or 1.23 percent from a month earlier to 441,000, while the number in gainful employment rose 15,000 or 0.13 percent to 11.48 million, with the labor participation rate up 0.03 percentage points at 59.11 percent, the DGBAS added.

With the local job market further improving, the DGBAS said the number of first time jobseekers fell 3,000 from a month earlier in November, while the number of those who lost jobs due to business closures or downsizing also fell 1,000, the data showed.

However, the number who lost jobs as a result of the termination of temporary and seasonal contracts rose 1,000 from a month earlier in November, the data indicated.

The jobless rate for those 20-24 hit 11.98 percent in November, down from 12.15 percent in October, and unemployment in the 25-29 age group fell from 6.38 percent to 6.31 percent, the DGBAS said.

Among people with a university degree, the jobless rate in November was 5.17 percent, the highest among all education groups, while the unemployment rate among people holding a senior high school diploma and those with a graduate school degree stood at 3.54 percent and 2.89 percent, respectively, the DGBAS said.

In the first 11 months of this year, the local jobless rate was 3.71 percent, down 0.06 percentage points from a year earlier, while the labor participation rate rose 0.16 percentage points to 58.98 percent, the DGBAS data showed.