The unemployment rate fell last month for the fifth consecutive month, reaching the lowest level in 26 years as robust economic growth, rising wages and buoyant equity markets underpinned labor demand, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
The jobless rate edged down 0.01 percentage points from December last year to 3.29 percent and was steady at 3.36 percent after seasonal adjustments, DGBAS data showed.
DGBAS Deputy Director Tan Wen-ling (譚文玲) attributed the decline mainly to fewer workers quitting due to dissatisfaction, as companies increased salaries and handed out generous bonuses amid a solid economic backdrop.
Photo: CNA
“Improved business conditions, salary hikes, a rallying stock market and higher bonus payouts have lifted household disposable income and contributed to a stable labor market,” Tan said.
The number of unemployed people last month fell by 2,000 from a month earlier to 396,000, the data showed.
People out of work due to dissatisfaction with their previous job dropped by 2,000, as did those out of work due to health reasons, the data showed.
However, layoffs tied to business downsizing or closures increased by 3,000 from a month earlier, although the figure was unchanged from a year earlier, the data showed.
There was a decline in layoffs related to corporate cutbacks and voluntary departures in the second half of last year, as exports gained steam, Tan said.
The DGBAS last month said the economy expanded 8.68 percent last year and projected GDP growth of 7.71 percent this year, a pace that has encouraged firms to increase wages and bonuses, she said.
The vibrant stock market has also generated wealth effects that support consumption, further stabilizing employment, she said.
For the first time, the DGBAS also released employment data based on the “resident population,” instead of the traditional household registration system.
The measure includes migrant workers and foreign white-collar professionals in Taiwan, while excluding nationals working overseas, offering a better reflection of domestic labor market conditions.
Under the resident population measure, the unemployment rate was 3.25 percent, lower than the household registration-based figure, the data showed.
Migrant workers typically move to Taiwan for employment and therefore contribute to relatively stable job statistics, Tan said.
By education level, university graduates posted the highest unemployment rate at 4.47 percent, followed by senior-high and vocational high-school graduates at 2.99 percent, and those with postgraduate degrees at 2.89 percent, the data showed.
By age group, unemployment among people aged 15 to 24 stood at 11.44 percent as first-time job seekers adjusted to the workplace. The rate was 5.93 percent for those aged 25 to 29 and 3.43 percent for those aged 30 to 34, the data showed.
The average duration of unemployment was 21.2 weeks, the data for last month showed, 0.6 weeks longer than the data showed a month earlier.
First-time job seekers were unemployed for an average of 23.1 weeks, up 0.4 weeks, the DGBAS said.
Tan said that people changing jobs could push the unemployment rate higher in the next few months, as workers often switch jobs after collecting year-end bonuses.
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