March jobless rate falls to 3.66 percent (update)

Taipei, Unemployment in Taiwan dropped to 3.66 percent in March, the lowest figure for the month in 18 years, down 0.04 percentage points from February, the Directorate-General of Budget, Accounting and Statistics (DBGAS) reported Monday.

About 433,000 people were jobless across the country last month, a decrease of 5,000 compared with February, according to DGBAS data, which showed that more unemployed workers found new jobs after the Lunar New Year holiday.

After seasonal adjustments, Taiwan’s jobless rate hit 3.67 percent in March — the lowest since February 2001 and a fall of 0.03 percentage points from February.

Pan Ning-hsin (???), deputy director of the DGBAS Census Department, attributed the improvement to a mild economic recovery which has stabilized the domestic employment market and brought down the jobless rate relative to last year.

In March the unemployment rate among people aged 20-24 hit 11.75 percent, a fall of 0.14 percentage points from February.

The higher jobless rate recorded in this age group is caused by most being first-time job seekers who need more time to adjust before landing on a job, Pan explained.

In the 25-29 age bracket, the unemployment rate was 6.4 percent, which marked a fall of 0.06 percent percentage points month-to-month. A total of 4.55 percent of university graduates and those with a higher diploma were jobless in March, a decrease of 0.07 percentage points compared with February.

In the January-March period, the country’s jobless rate averaged 3.66 percent, marking the lowest first quarter figure in 18-years and a year-on-year decrease of 0.15 percentage points, according to DGBAS data.

In March, Taiwan’s labor force participation rate stood at 58.87 percent — a fall of 0.01 percentage points from the previous month, the same data indicated.

Labor force participation rate is defined as those in the working population in the 16-64 age group currently employed or seeking employment.

Source: Focus Taiwan News Channel