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Taiwan consumer confidence plunges to new record low

Taiwan consumer confidence plunges to new record low

TAIPEI (Taiwan News) – The consumer confidence index plunged to a new record low in a survey released by National Central University Monday, a day after the government announced it would create 150,000 jobs.
The overall index for January fell to 48.95, or a drop of 0.8 points from the previous monthly survey, the university’s Economic Development Research Center said. Figures between 0 and 100 express pessimism, while the range from 100 to 200 is a sign of optimism.
All six components forming the index stayed in the pessimism range, with the outlook for job opportunities recording the fastest decline, the survey showed.
The index for the outlook for job opportunities over the next half year fell by 6.95 points to 39.3 points. The outlook for investing in the stock market also suffered, falling by 1.5 points to 46.2, the survey showed.
The center held its first monthly survey in 2001. Its consumer confidence index first fell below 60 in the second half of last year, and has continued dropping ever since.
Nevertheless, three other elements in the index recorded rises for January, the university said, naming the outlook for inflation, the respondents’ personal economic circumstances, and the country’s general economic situation for the next six months. None of those components reached the 50 points level, the center said.
The monthly survey is a cooperative effort between National Central University, Fu Jen Catholic University, and the Taiwan Research Institute.
The January edition of the survey was conducted by phone between January 19 and 22. A total of 2,214 citizens from the age of 20 were successfully surveyed, and the margin of error amounted to 2.1 percent.
The survey was held before the Cabinet announced Sunday evening it would create 150,000 jobs before the end of the year in order to keep the overall jobless rate for 2009 below 4.5 percent.
The unemployment rate crossed 5 percent last month, and is widely expected to reach 6 percent, as many businesses are expected to announce layoffs now that the Lunar New Year holiday is over.


Updated : 2022-01-21 10:39 GMT+08:00

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