TAIPEI (Taiwan News) — Taiwan’s unemployment rate fell to its lowest level in 23 years, according to statistics released on Wednesday (Nov. 22).

After two months of decline the unemployment rate in October was 3.43%, Taiwan’s statistics bureau said, per CNA. The number of unemployed people in Taiwan was 411,000, a decrease of 5,000 from September, while 11.56 million people were in work.

Numbers in accommodation, catering, and industrial jobs all increased. An additional 14,000 people found work in the service sector and 6,000 in the industrial sector in October.

Deputy head of the bureau’s census division Chen Hui-hsin (陳惠欣) attributed the low unemployment rate to several factors including increased demand for retail staff. She said increased demand for retail and service workers over Taiwan’s October national day was key to stabilizing the employment rate.

Manufacturing employment decreased during October, which Chen said was caused by a slowdown in the global economy, “geopolitical risks,” and U.S.-China trade disputes. She said the number of people working in manufacturing jobs was down 2,000.

Chen said it is still unclear if the manufacturing sector will rebound, but that domestic demand driving the service industry is strong. She added that the recently passed Double 11 shopping holiday is expected to bring further growth to this sector.