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Taiwan's jobless rate hits 4.33% in Aug due to fresh graduates
Publication Date : 24-09-2013
Due to more graduates pouring into the job market, Taiwan's unemployment rate hit 4.33 per cent in August, making it the second consecutive month of rising unemployment, according to a report released by the Directorate General of Budget, Accounting and Statistics (DGBAS) yesterday.
The number of unemployed people reached 497,000 in August, up 10,000 from the previous month, of which 7,000 more people were looking for jobs for the first time, while 3,000 more people were looking because they were unsatisfied with current jobs.
Unemployment to drop in Sept
The unemployment did not go up because more businesses halted their operations, the DGBAS Deputy Director Lo Yi-ling said, adding that the number of unemployed due to business closure or contraction had in fact decreased. With higher labour force participation rates, the DGBAS regards the current job market as stable. With a stable economy, the unemployment rate is expected to drop in September based on past experience, according to the DGBAS officials.
Unemployment rate by age group
August's unemployment rate was 14.77 per cent for the 20-24 age group, up 0.72 per cent from July and 0.36 per cent from the same month in 2012. The unemployment rate was 7.28 per cent for the 25-29 age group, down 0.02 per cent from July and 0.1 per cent from a year ago. The unemployment rate was 5.68 per cent for those with a tertiary education, up 0.17 per cent from July and down 0.16 per cent from a year ago.
Due to new graduates pouring into the job market between May and August, the unemployment rate for the 20-24 age group rate increased by 1.73 per cent during this period. The rate grew 2.26 per cent during the same period last year.
Due to more graduates and interns working in the summer, the workforce reached 11 million in August, an increase of 16,000 from July. The manufacturing sector and food and beverage sector saw the highest increase in workforce. They hired 6,000 and 4,000 more people respectively.
Unemployment in other nations
The unemployment rate stands at 7.7 per cent in Britain, 7.3 per cent in the US, 7.1 per cent in Canada, 5.3 per cent in Germany, 3.8 per cent in Japan, 3.3 per cent in Hong Kong, 3.2 per cent in South Korea and 2.1 per cent in Singapore.
Lowest real earnings in 4 years
Due to 1.13-per-cent inflation and companies paying less in year-end bonuses, average earnings, including regular and irregular earnings, between January and July were NT$47,881 (US$1,600), a 0.3-per-cent drop from a year ago. Regular earnings in the period were NT$37,627, a 0.71-per-cent increase from a year ago.
The real average earnings between January and July dropped to NT$46,786, which was the lowest in four years as well as a 1.41-per cent drop from the same period last year. The real regular earnings were NT$36,767, which was also the lowest in four years and a 0.41-per cent drop from a year ago.
July's average earnings were NT$43,304, a 1.87-per-cent increase from a year ago. July's regular earnings were NT$37,769, which was a 0.89-per-cent increase from a year ago.
US$1 = NT$29.48