Taiwan unemployment dips in May, edges higher on year

Taiwan’s unemployment rate dropped in May, while edging higher on a year-on-year basis as the number of first-time job seekers dropped due to closure of business and termination of 1,000 temporary or seasonal jobs.

Taiwan's jobless rate in May hit 3.84 percent, down by 0.02 percentage points from April but up by 0.22 percentage points year-on-year, data released by the Directorate General of Budget, Accounting and Statistics (DGBAS) showed Wednesday.

Further, the number of unemployed workers in May fell 2,000 to 449,000 from the previous month, but showed a year-on-year increase of 29,000. Also, the country witnessed a second monthly decrease of 2,000 in the number of first-time job seekers, a drop of 1,000 in the number of people who lost their job because of business downsizing or closures, and the termination of 1,000 temporary or seasonal jobs.

Moreover, the number of people who quit their job in search of a better position increased by 1,000 in May from a month earlier. However, the labor participation rate remained unchanged at 58. 63 percent, the data showed. The number of employed people in Taiwan in May totaled 11.24 million, up 5,000 or 0.04 percent from the previous month, and 68,000 or 0.60 percent higher year-on-year.

Meanwhile, the monthly average employed persons during Jan-May stood at 11.24 million, up 74,000 or 0.66 percent from the same period last year, which was the smallest gain since 2010. This indicated a sluggish job market, the DGBAS added in its report.