TAIPEI (Taiwan News) – The unemployment rate fell to 3.43% in September from the same month last year, following three months of increases, the government said Thursday (Oct. 24).

June, July, and August traditionally see increases in the jobless rate as students graduate and start searching for their first job. While the 3.43% for September represented a decline of 0.05% from the previous month, if one discounted seasonal factors, the rate rose 0.02% to 3.38% from August, per CNA.

The Directorate General of Budget, Accounting and Statistics (DGBAS) registered 412,000 people out of work in September, a drop of 7,000 from August and of 4,000 from September 2023. The number of people unemployed because of dissatisfaction with their jobs fell 4,000.

The number of first-time job seekers in September was 2,000 lower than the previous month, the DGBAS said. In contrast, 11.6 million people held a job in Taiwan during September.

The lowest unemployment rate for the year so far was the 3.31% recorded in January, according to DGBAS data.