Taiwan’s unemployment rate edged up to 3.32 percent last month as post-Lunar New Year holiday job switching prompted more people to leave their positions, although overall labor market conditions remained stable, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
The figure rose 0.03 percentage points from January, but still marked the lowest level for the same month in 26 years, the agency said.
After seasonal adjustment, the unemployment rate stood at 3.33 percent, down 0.03 percentage points from a month earlier, suggesting the labor market remained steady.
Photo: CNA
“The slight increase in unemployment was mainly driven by seasonal job transitions,” Census Department Deputy Director Tan Wen-ling (譚文玲) said, adding that some people resigned after receiving year-end bonuses.
The number of unemployed people rose to 400,000, up about 4,000 from the previous month, largely reflecting an increase in people quitting jobs due to dissatisfaction with their current positions, Tan said.
Last month’s data captured only part of the post-holiday job-switching wave and more resignations are expected this month, she said.
By education level, university graduates recorded the highest unemployment rate at 4.47 percent, followed by people with senior-high or vocational school diplomas at 3.08 percent. Those with graduate degrees had a lower rate of 2.95 percent, DGBAS data showed.
Young people faced the greatest challenges in finding jobs. The unemployment rate for people aged 15 to 24 stood at 11.34 percent, reflecting difficulties faced by first-time job seekers entering the labor market. The rate for those aged 25 to 29 was 5.97 percent, while people aged 30 to 34 recorded 3.42 percent.
The average duration of unemployment was 20.9 weeks, slightly shorter than the previous month. However, first-time jobseekers spent an average of 26.8 weeks searching for work, an increase of 3.7 weeks.
This month, the unemployment rate could edge slightly higher as the job transition effect continues, Tan said.
Historical data show that March unemployment is typically 0.01 to 0.03 percentage points higher than February, she said.
Tan also warned that rising geopolitical tensions in the Middle East could pose indirect risks to Taiwan’s labor market through potential disruptions to energy and raw material supplies.
If shipments of oil or natural gas are affected, supply constraints could trigger inflationary pressure, which might dampen consumer spending and weaken demand, potentially affecting companies’ hiring plans, she said.
The DGBAS is closely monitoring labor market conditions, she added.
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