The unemployment rate decelerated to 3.83 percent last month, falling by 0.16 percentage points from 3.99 percent in August, as more first-time jobseekers found positions and fewer people lost work due to business closures or downsizing, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
The reading after seasonal adjustments stood at 3.78 percent, down 0.05 percentage points from one month earlier, affirming an easing in finding jobs, the agency’s monthly report showed.
“The data suggest that the market is improving, although the negative effects of the COVID-19 pandemic lingers,” DGBAS Deputy Director Chen Hui-hsin (陳惠欣) said, adding that the workforce is fewer by 30,000 people compared with the pre-pandemic level.
Photo: Ann Wang, Reuters
The improvement came in line with seasonality at this time of the year, when most college graduates have landed jobs and summer part-timers have gone back to school, Chen said.
The jobless population might further shrink this month and toward the end of the year, supported by the seasonality effect, she said.
The fourth quarter is the high season for manufacturing and service sectors, which might expand their headcount to meet growing business demand, Chen said.
However, spiking virus infections around the world continue to pose a threat and it is difficult to predict how the public health crisis would pan out, she said.
The unemployed population dropped by 20,000 from August to 458,000 last month, as people who lost jobs due to business downsizing or closures decreased by 8,000, the DGBAS said.
The number of people who quit fell by 5,000, as did the number of first-time jobseekers, it said.
The unemployed period stretched by seven more days to 22.2 weeks, as it took first-time jobseekers 19.8 weeks to land positions and others spent 23 weeks finding work, the DGBAS said.
The number of people who are unemployed for more than a year increased by 1,000 to 53,000, it said.
A breakdown by education showed that university graduates had the highest unemployment rate at 5.62 percent, followed by high-school graduates at 3.44 percent and graduate degree holders at 3.15 percent, the agency’s report showed.
People aged 20 to 24 had the highest unemployment rate at 12.38 percent, followed by those aged 15 to 19 at 8.15 percent; 25 to 29 at 6.36 percent; and 30 to 34 at 3.71 percent, the report showed.
Taiwan’s unemployment rate was higher than South Korea’s 3.6 percent and Japan’s 3 percent, but lower than Hong Kong’s 6.7 percent, it said.
FIVE NEW FABS: An acquisition of Siltronic would boost GlobalWafers’ market share from 17 to 30 percent, easily surpassing Japanese rival Sumco’s 25 percent GlobalWafers Inc (環球晶圓) yesterday said it is in final talks to acquire Germany-based Siltronic AG in a 3.75 billion euro (US$4.5 billion) deal, which might help it compete with its closest rival Sumco Corp of Japan. The acquisition would be the fifth for GlobalWafers since 2008, as it has grown to become the world’s No. 3 supplier of silicon wafers through such deals. GlobalWafers, which has a 17 percent market share, would see its market position greatly elevated to 30 percent when combined with Siltronic’s 13 percent, according to a presentation Siltronic gave to its investors at a quarterly conference in August. Sumco
With the speed cryptocurrency is emerging as the millennial generation’s alternative asset of choice in India, it is hard to imagine that just two years ago a couple of blockchain pioneers were briefly in police custody. Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old start-up, were arrested in late 2018. No, they had not pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap bitcoin, ether or ripple for cash or vice versa. That was the whole point of unocoin, their crypto token exchange.
CONCERNS: The bank would act if it noticed currency speculation, the governor said, but he did not comment on a likely trajectory of the NT dollar against the greenback The central bank would intervene in the market whenever necessary to help stabilize the New Taiwan dollar, central bank Governor Yang Chin-long (楊金龍) said yesterday, adding that it is concerned Taiwan might be placed on the US watchlist for currency manipulation. The Control Yuan recently sent letter inquiring about the central bank’s market regulation efforts, Yang told a meeting of the legislature’s Finance Committee on the NT dollar’s appreciation and property price hikes. “It is the central bank’s top responsibility to stabilize foreign exchanges,” he said. The central bank has often stepped in toward the end of trading sessions to moderate the NT
Qualcomm Inc expects global shipments of 5G smartphones to more than double to between 450 million and 550 million units next year from this year, driven by increasing 5G network deployment worldwide and broader adoption of 5G technology beyond smartphones, a company executive told a virtual news conference yesterday. The San Diego-based company said that more than five times more telecoms have commercially launched 5G services in the first 18 months of the 5G era, compared with wireless technology transitions to previous generations. The momentum is to pick up speed in 2022, with the shipment volume of 5G-ready smartphones projected to reach