Taiwan's October jobless numbers drop to 455,000Business | 23 Nov 2020 10:11 pm
Taiwan's jobless rate contracted further in October to hit its lowest level since April, the Directorate General of Budget, Accounting and Statistics reported today.
The unemployment rate was 3.8 percent last month, down by 0.03 percentage points from September, the lowest level in six months, the DGBAS said, CNA reports
After seasonal adjustment, the country registered a jobless rate of 3.77 percent in October – down by 0.01 percentage points from the previous month and the fifth consecutive monthly decline since May, it said.
Taiwan outperformed several major countries in this regard, ahead of Canada with 8.9 percent unemployment, France with 7.9 percent, the United States with 6.9 percent, Germany with 4.5 percent and South Korea with 4.2 percent, it noted.
In October, 455,000 Taiwanese people were out of work, a month- on-month decline of 0.66 percent, or 3,000 people, while 11.51 million were employed, an increase of 0.05 percent, or 6,000 people, according to the DGBAS.
In the first 10 months of the year, an average 463,000 people were out of a job, a rise of 17,000 compared with the same period of last year, representing an average unemployment rate of 3.87 percent during the period, up by 0.13 percentage points year-on-year, it said.
In October, among those with different educational backgrounds, college graduates posted the highest unemployment rate of 5.57 percent, followed by those with a high school diploma (3.42 percent) and those with a post-graduate degree (2.94 percent).
By age, the jobless rate in the 15-19 age group was 8.77 percent, while it reached 12.39 percent in the 20-24 bracket, the DGBAS said. At the same time, some 6.42 percent among those aged 25-29 were out of work, while 3.61 percent in the 30-34 group were unemployed.
Taiwan's employment market currently remains stable, although it has not yet fully recovered to its previous state, said Chen Hui-hsin, deputy chief of the DGBAS's Department of Census.
According to Chen, the jobless rate peaked at 4.07 percent in May, with the domestic economy gradually regaining momentum from June as the pandemic started to show signs of easing.
However, the future of Taiwan's job market still depends heavily on the development of the pandemic, she said.