The public became increasingly uncertain about the nation’s economy and job market this month after exports contraced 1.9 percent annually last month and manufacturers became less upbeat about their business prospects, a Cathay Financial Holdings Co (國泰金控) survey showed yesterday.
The survey found that 38 percent of respondents think it is difficult to find a job, outnumbering the 14 percent who took an optimistic view.
About 37 percent of those polled expect job-hunting to become increasingly difficult over the next six months, while 14 percent predicted that it would become easier, the poll showed.
“The fall in the employment sub-index is the steepest in 12 months, a decline that is attributable to disappointing export figures,” said Achilles Chen (陳欽奇), an assistant manager at Cathay Financial’s economic research department.
The Taiwan Institute of Economic Research’s (TIER, 台經院) cyclical monitor for the manufacturing industry flashed a “blue” signal, which also weighed down economic sentiment since the color suggests sluggish business, Chen said.
Exports account for 70 percent of the nation’s GDP and companies could refrain from making investments or expansing if they expect external demand to weaken.
About 35 percent of those polled said they believe the economy would remain unchanged in the next six months, while 26.3 percent believe it would deteriorate and 33.5 percent expect it to improve.
The findings affirmed the weakening sentiment recorded a month ago, Chen said.
Due to this pervailing pessimism, 39 percent of respondents indicated plans to cut down on durable goods purchases, while 30 percent said they aimed to decrease their big-ticket item expenditures, the survey said.
Only 17.5 percent voiced more willingness to buy durable goods and 13 percent to increase big-ticket item consumption, the survey said.
A majority of the respondents, 53.4 percent, intend to maintain their cash positions, while 28.7 percent voiced plans to trim stock holdings and 18 percent indicated a willingness to increase their risky asset holdings, the survey showed.
About 54 percent of respondents linked the current sluggish stock market turnover to weak economic fundamentals, while 31.5 percent pinned the blame on unfavorable policy such as the capital gains tax on securities investments.
The survey was conducted from May 1 to May 7, and polled 14,158 Cathay Financial customers via e-mail.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last