Taiwan’s jobless rate fell for the 15th consecutive month to 4.73 percent last month, the lowest since December 2008, from 4.92 percent in October, as businesses hired more workers amid the economic recovery, the Directorate-General of Budget, Accounting and Statistics said yesterday
Seasonally adjusted unemployment stood at 4.79 percent last month, from 4.96 percent in October, the DGBAS’ latest data showed.
“The job market improved last month as firms in different sectors increased the number of staff on rosy business outlook,” Liu Tian-syh (劉天賜), a deputy director at the statistics agency, told a media briefing.
Liu expects the jobless rate to edge down further ahead of the Lunar New Year because retailers normally expand temporary staff to meet growing business demand. However, he declined to make a forecast.
Last month, the number of unemployed totaled 527,000, shrinking 19,000 from a month earlier, the DGBAS’ report said.
The number of people who lost their jobs because of business downsizing or closures dropped 5.08 percent, or 9,000, to 180,000, the report said, indicating recovering confidence in the private sector.
The number of people who quit their jobs on their own dropped 8,000 last month from October, while first-time jobseekers fell by a modest 3,000, the report indicated.
The 104 Job Bank, the nation’s largest online human resource firm, said yesterday the number of job openings has exceeded that of jobseekers for the past three months, suggesting a downward trend in unemployment ahead.
However, assorted job-creation programs helped bring down the jobless rate by adding 1.05 million workers to government payrolls, Liu said. Without those job creation programs, the unemployment rate would have been 5.18 percent last month, he added.
Premier Wu Den-yih (吳敦義) said earlier this year he would step down if the jobless rate was still above 5 percent by the end of the year.
Last month, the number of employed people increased by 45,000 to 10.6 million with the construction industry adding 11,000 workers and wholesale and retail services hiring an extra 7,000, the DGBAS report showed.
People with a university degree or higher continued to top other groups with a jobless rate at 5.32 percent last month, followed by those with a high-school education at 5.10 percent, the report said.
Donna Kwok (郭浩庄), HSBC economist on Greater China, said Taiwan’s internal growth drivers have started rotating into position even though its economy remains heavily exposed to the global tech cycle.
“The recovery in Taiwan’s labor market is certain,” Kwok said in a statement released yesterday. “Unemployment has declined to a near two-year low and real wage growth has risen, helping to keep local commercial sales growth in the black.”
HSBC raised its forecast for Taiwan’s GDP growth to 9.6 percent this year from a previous estimate of 7.3 percent, and expects the economy to expand 4.7 percent next year.
Regular wages averaged NT$36,480 (US$1,192) a month in October, climbing 0.43 percent from a month earlier, an increase of 1.62 percent from the year--earlier level, a separate report from the DGBAS showed yesterday.
Adding year-end and other bonuses, the average wage amounted to NT$40,035, down 7.12 percent from September during which many firms distributed Moon Festival bonus, Liu said.
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the