The nation’s unemployment rate last month picked up 0.07 percentage points to 3.56 percent, the lowest in history for the same month, as the graduation season led to an increase in first-time jobseekers and a sizeable number have not yet found positions, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
The reading after seasonal adjustments shed 0.02 percentage points to 3.43 percent, also the lowest in 23 years, as the service sector increased headcount, but remained understaffed.
“The jobless rate is set to rise further this month until the summer vacation is over and students go back to school,” Census Department Deputy Director Chen Hui-hsin (陳惠欣) said.
Photo: CNA
The latest data suggest that a stable job market has emerged from the COVID-19 pandemic, though local manufacturers are taking a hit from extended inventory adjustments induced by global inflation and monetary tightening, the official said.
The overall unemployed population rose 2.23 percent, or 9,000 people, to 426,000, as first-time jobseekers grew by 6,000 and an extra 2,000 discontented workers quit, the monthly survey showed.
The data came after the service sector added 29,000 people to the payroll, while the agricultural and industrial sectors cut 2,000 and 1,000 workers respectively, it said.
Altogether, the number of people who failed to work more than 35 hours due to economic reasons dropped 4,000 to 198,000, affirming a resilient job market, it said.
By education breakdown, people with university degrees had the highest unemployment rate of 4.93 percent, followed by people with high-school diplomas at 3.28 percent and people with graduate education at 2.82 percent, the survey said.
People with junior-high school or lower education had the lowest unemployment rate of 2.44 percent, it added.
From a demographic perspective, people aged 20 to 24 had the highest jobless rate of 12.44 percent, followed by people aged 15 to 19 at 8.54 percent and those aged 25 to 29 at 5.82 percent.
The DGBAS said the graduation season accounted for the trends as young people usually need some time to adapt.
The average unemployment period shortened by one-and-a-half weeks to 19.4 weeks, while the average stood at 15.5 weeks for first-time jobseekers and 20.6 weeks for other groups, it said.
The differences meant that first-time jobseekers are more eager and flexible in terms of hunting for a job, it said.
The nation’s headline unemployment rate is higher than that of major regional trade rivals given Hong Kong’s 2.9 percent, South Korea’s 2.7 percent and Japan’s 2.6 percent, the DGBAS said.
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