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Taiwan unemployment rate hits 6-year low
Publication Date : 24-06-2014
Taiwan's unemployment rate in May fell to a six-year low at 3.85 per cent, while real average earnings based on 2011 prices was NT$52,087 (US$1,736.52), hitting a 16-year low in April despite an annual rise of 3.68 per cent.
The Directorate General of Budget, Accounting and Statistics (DGBAS) on Monday said the decline in the unemployment rate in May was attributed to the increasing availability of jobs brought about by the economy's recovery.
The figure represents a decrease of 0.06 percentage points from April and a drop of 0.21 points from the same month last year. After seasonal adjustments, the unemployment rate for May stood at 3.99 per cent, 0.05 points lower than April.
For the first five months of the year, unemployment averaged 3.98 per cent, down 0.16 percentage points from the same period last year.
According to the Central News Agency, the DGBAS attributed the drop to an improvement in the economy, leading employers to provide more job openings than last year.
In May, the jobless population decreased by 6,000 from the previous month to 443,000, with unemployed first-time jobseekers down by 5,000. The number of people who lost their jobs due to business closures or downsizing fell by 3,000, and those who quit because they were unhappy with their jobs increased by 2,000.
On average, jobseekers spent 26.2 weeks before finding a job in May, 0.1 weeks shorter than in April. The search period was 32.7 weeks among first-time jobseekers, 1.9 weeks shorter than in April.
Meanwhile, the jobless rate among people with university degrees or higher dropped to 4.7 per cent, the lowest level since July 2008, another sign that the job market has improved significantly, the DGBAS said.
The DGBAS yesterday said the average regular earnings per employee in the industry and service sector in April rose by 0.29 per cent from the level in the previous month and by 1.55 per cent compared to the same period last year. The Average monthly earnings — including regular and irregular earnings — in April was NT$42,361 US$1,412.26), a 0.82-per cent decrease and 1.6-per cent increase respectively when compared with month-ago and year-ago levels.
Together with regular and irregular earnings, the average monthly earnings since January 2014 rose by 4.73 percent from year-ago level.
Meantime, the average employment since January was 7,214 thousand, increased by 123 thousand or 1.73 percent than the same period of last year.