The unemployment rate last month eased to 3.66 percent, the lowest since 2001, as the job market recovered further after a COVID-19 outbreak in May, although there is still room for improvement, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
Last month’s figure was 0.17 percentage points lower than a month earlier, marking a fifth straight month of decline, DGBAS Deputy Director Chen Hui-hsin (陳惠欣) told a news conference in Taipei.
The unemployment rate is expected to decline again this month as retailers are hiring temporary staff to cash in on the holiday season, she said.
“Unemployment data nearly dropped to the level prior to the COVID-19 outbreak, but a considerable number of people are still working fewer hours,” Chen said.
The number of people who worked fewer than 35 hours per week stood at 229,000, 30,000 more than in previous Novembers, although the figure dropped by 64,000 from October, she said.
The jobless rate after seasonal adjustments stood at 3.71 percent, a decrease of 0.13 percentage points from a month earlier, the DGBAS said in a report.
The number of unemployed people totaled 436,000, a 4.38 percent decline, as people who lost jobs due to business downsizing and closures fell by 8,000, it said.
Meanwhile, the number of first-time jobseekers and people who quit their jobs both dropped by 4,000, it added.
By measure of the employed population, there were 47,000 fewer jobs available than before a level 3 virus alert was introduced in May, Chen said.
University graduates had the highest unemployment rate at 5.14 percent, followed by high-school graduates at 3.48 percent and people who completed junior high at 2.68 percent, the report found.
The unemployment rate for people with graduate degrees was 2.63 percent, the DGBAS said.
Demographically, people aged 20 to 24 had the highest unemployment rate at 12.19 percent, followed by people aged 15 to 19 at 8.62 percent and those aged 25 to 29 at 6.23 percent, it said.
The unemployment rate for people aged 30 to 39 was between 2.8 percent and 3.57 percent, while for people aged 45 to 64, it was 2.2 percent, the lowest, the DGBAS said.
However, the period of unemployment increased to an average of 20.4 weeks for all people and 23.3 weeks for first-time jobseekers, it said.
Taiwan’s headline unemployment rate is lower than Hong Kong’s 4.1 percent, but higher than Japan’s 2.7 percent and South Korea’s 2.6 percent, the DGBAS said.
BULLISH: Although the central bank has turned the nation’s currency into a winner against Asian peers, it is still down more than 4 percent against the US dollar this year The Singapore dollar this year has established itself as Asia’s most resilient currency against the US dollar, and some strategists are betting on more strength if price pressures force the nation’s central bank to tighten its exchange-rate policy again next month. Goldman Sachs Group Inc, Citigroup Inc and MUFG Bank Ltd are among banks that are bullish on the currency, underpinned by an expectation that the Monetary Authority of Singapore (MAS) could extend policy tightening at its October meeting to help rein in core inflation, which hit a 14-year high in July. The predictions come as almost every major currency retreats against
Apple Inc might make one out of four iPhones in India by 2025, JPMorgan & Chase Co analysts said yesterday, as the tech giant moves some production away from China, amid mounting geopolitical tensions and strict COVID-19 lockdowns in the country. JPMorgan expects Apple to move about 5 percent of iPhone 14 production from late this year to India, which is the second-biggest smartphone market in the world after China. It is also estimating that about 25 percent of all Apple products, including Mac, iPad, Apple Watch and AirPods, would be manufactured outside China by 2025 from 5 percent currently. The US company
HEADING SOUTH: The US company chose Kaohsiung as its site as more customers, partners and start-ups have expanded their operations to the southern city Qualcomm Inc yesterday inaugurated a new innovation center in Kaohsiung as it steps up efforts to foster local start-ups and a 5G technology ecosystem in the city, following in the footsteps of its local partners. The US chip company’s move fits the Kaohsiung City Government’s plan to build a semiconductor supply chain within the next five years, highlighted by Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) first chip plant in the city. TSMC plans to start building the factory by the end of this year, and to start production of 28-nanometer and 7-nanometer chips there in 2024. Qualcomm said it had been
SLUMPING DEMAND: Inventory has climbed by up to 12 weeks as suppliers are under mounting pressure to offload excessive reserves, a TrendForce report said The price of DRAM chips is expected to fall at a steeper rate of 13 to 18 percent next quarter, as high inflation continues to weigh on demand for consumer electronics, causing chip inventories to soar, market researcher TrendForce Corp (集邦科技) said yesterday. The downtrend in DRAM prices could extend from a quarterly decline of 10 to 15 percent in the third quarter, the Taipei-based researcher said. “Demand for consumer electronics continued to stagnate during the third quarter, which used to be a high demand season,” TrendForce said in a statement. “During the quarter, memorychip consumption and shipments both showed quarterly