Taiwan jobless rate up to 4.25% in July driven by graduates
CNATAIPEI--The local jobless rate for July rose 0.11 percentage points from a month earlier to 4.25 percent, largely driven by an increase in first-time jobseekers, the government said Thursday.
August 23, 2013, 12:01 am TWN
The Directorate General of Budget, Accounting and Statistics (DGBAS) said that many new graduates entered the job market in July, aiming to land their first-ever jobs, while several seasonal jobs also ended that month.
The number of unemployed rose by 14,000 from June to a total of 487,000 in July. The number of first-time jobseekers was up 10,000 from a month earlier, the DGBAS said.
Statistics show that 3,000 people became unemployed when temporary contracts expired, while another 2,000 people left their jobs for personal reasons.
Taking into account seasonal adjustments, the local jobless rate stood at 4.18 percent, up just 0.01 percentage points from June, the government agency said.
Despite the slight rise, the local job market remains stable, as the employed population also rose in July by 25,000 people, or 0.23 percent, to 10.98 million, the DGBS said.
Lo Yi-ling, deputy director of the DGBAS's census department, said that unemployment could continue to move higher in August, based on past data, as recent graduates continue to search for jobs.
The trend started in June, when first-time jobseekers caused the jobless rate to rise to 4.14 percent from May's 4.06 percent, she said.
As long as the local economy continues to grow, however, “the jobless rate in September is very likely to fall,” Lo said.
The numbers for July show the highest concentration of unemployed people in the age bracket of 20-24, with 14.05-percent unemployment, an increase of 0.71 percentage points from June. Their age indicates the majority are new entrants to the job market, the DGBAS said.
For comparison, unemployment in the 25-29 age group stood at 7.3 percent in July, up 0.17 percentage points from a month earlier.
The July unemployment rate of those who held a university degree or higher rose 0.26 percentage points from June to come to 5.51 percent, the office said.
In the first seven months of this year, Taiwan's jobless rate averaged 4.15 percent, down 0.04 percentage points year-on-year, while the number of unemployed in the same period stood at 474,000, little changed from a year ago, the DGBAS said.