Fri, Nov 23, 2007 - Page 12 News List

Unemployment rate falls to 3.92 percent


The unemployment rate dropped to 3.92 percent last month from 3.99 percent in September mainly as a result of a decline in first-time job seekers, the government said yesterday.

However, the figure was up from 3.9 percent in October last year, the Directorate General of Budget, Accounting and Statistics (DGBAS) said.

Last month, 421,000 people were jobless, down 8,000 from September.

Average unemployment in the first 10 months of the year stood at a seven-year low of 3.92 percent, unchanged from a year earlier.

On a seasonally adjusted basis, last month's unemployment rate was 3.89 percent, unchanged from the previous month but up from 3.83 percent a year earlier.

The average unemployment rate in the first 10 months of this year hit a seven-year low of 3.92 percent, the DGBAS said.

The statistics indicate that the nation's average labor participation rate for the period from January to last month reached 58.24 percent, up 0.37 percentage points from the same month of last year, making it the highest level for that period during the last 10 years.

In terms of educational background, the unemployment rate for people with university or higher education was the highest, standing at 4.71 percent, down 0.26 percentage points from September.

The number of employed totaled 10.32 million last month, up 10,000 from September.

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