TAIPEI (Taiwan News) — Taiwan’s unemployment rate fell for a third consecutive month in November to 3.33%, down 0.03 percentage points from October, signaling continued stabilization in the labor market, government data showed Monday, per CNA.

The Directorate General of Budget, Accounting and Statistics said the November figure marked the lowest jobless rate for that month in the past 25 years.

Tan Wen-ling (譚文玲), deputy director of the bureau’s census department, said the data indicate the labor market remains stable and is gradually improving after earlier uncertainty triggered by US tariff policies.

Government statistics showed the number of unemployed people in November stood at 401,000, a decline of 3,000 from the previous month. Compared with the same period last year, the figure was down by 2,000.

The seasonally adjusted unemployment rate, however, edged up slightly to 3.35%, an increase of 0.02%. Tan said the change was minimal and attributable to sampling variations, adding that the adjusted rate remains within a reasonable range.

Public attention in recent months has focused on the number of “underemployed workers,” individuals working fewer than 35 hours per week for economic reasons, such as weak business conditions, difficulty finding full-time work, or seasonal factors, while seeking longer hours.

The number of underemployed people exceeded 120,000 in August, rose to 121,000, and then climbed further to 129,000 in September, before declining in October and November to 124,000.

Tan said the earlier rise in underemployment was a cause for concern, noting that the manufacturing sector had been hit simultaneously by overseas overcapacity, US tariffs, and the appreciation of the Taiwan dollar, all of which weighed on traditional industries.

While overseas overcapacity remains an issue and the outcome of US tariff negotiations is still pending, Tan said depreciation of the local currency has helped ease some of the pressure on manufacturers.

She said companies have since adjusted operations and prepared for changing conditions, and that the outlook for traditional manufacturing should stabilize. Still, Tan cautioned that the number of underemployed workers in November remains “quite high” and warrants continued monitoring.

Looking ahead, Tan said year-end consumption driven by Christmas, New Year’s Day, and the Lunar New Year is expected to support employment. Based on historical patterns, she said the unemployment rate is likely to continue falling in December and January before rising again after February, when workers typically change jobs following Lunar New Year bonus payouts.