Jobless rate hits 4.33% in Aug. due to fresh graduates
By John Liu,The China PostTAIPEI, Taiwan -- Due to more graduates pouring into the job market, the unemployment rate hit 4.33 percent in August, making it the second consecutive month of rising unemployment, according to a report released by the Directorate General of Budget, Accounting and Statistics (DGBAS) yesterday.
September 24, 2013, 12:17 am TWN
The number of unemployed people reached 497,000 in August, up 10,000 from the previous month, of which 7,000 more people were looking for jobs for the first time, while 3,000 more people were looking because they were unsatisfied with current jobs.
Unemployment to Drop in Sept.
The unemployment did not go up because more businesses halted their operations, the DGBAS Deputy Director Lo Yi-ling (羅怡玲) said, adding that the number of unemployed due to business closure or contraction had in fact decreased. With higher labor force participation rates, the DGBAS regards the current job market as stable. With a stable economy, the unemployment rate is expected to drop in September based on past experience, according to the DGBAS officials.
Unemployment Rate by Age Group
August's unemployment rate was 14.77 percent for the 20-24 age group, up 0.72 percent from July and 0.36 percent from the same month in 2012. The unemployment rate was 7.28 percent for the 25-29 age group, down 0.02 percent from July and 0.1 percent from a year ago. The unemployment rate was 5.68 percent for those with a tertiary education, up 0.17 percent from July and down 0.16 percent from a year ago.
Due to new graduates pouring into the job market between May and August, the unemployment rate for the 20-24 age group rate increased by 1.73 percent during this period. The rate grew 2.26 percent during the same period last year.
Due to more graduates and interns working in the summer, the workforce reached 11 million in August, an increase of 16,000 from July. The manufacturing sector and food and beverage sector saw the highest increase in workforce. They hired 6,000 and 4,000 more people respectively.
Unemployment in Other Nations
The unemployment rate stands at 7.7 percent in Britain, 7.3 percent in the U.S., 7.1 percent in Canada, 5.3 percent in Germany, 3.8 percent in Japan, 3.3 percent in Hong Kong, 3.2 percent in South Korea and 2.1 percent in Singapore.
Lowest Real Earnings in Four Years
Due to 1.13-percent inflation and companies paying less in year-end bonuses, average earnings, including regular and irregular earnings, between January and July were NT$47,881, a 0.3-percent drop from a year ago. Regular earnings in the period were NT$37,627, a 0.71-percent increase from a year ago.
The real average earnings between January and July dropped to NT$46,786, which was the lowest in four years as well as a 1.41-percent drop from the same period last year. The real regular earnings were NT$36,767, which was also the lowest in four years and a 0.41-percent drop from a year ago.
July's average earnings were NT$43,304, a 1.87-percent increase from a year ago. July's regular earnings were NT$37,769, which was a 0.89-percent increase from a year ago.