TAIPEI (TVBS News) — The Directorate-General of Budget, Accounting, and Statistics (DGBAS, 主計總處) reported on Friday (Nov. 22) that Taiwan's unemployment rate fell to 3.40% in October, marking a 24-year low for the month. The rate decreased by 0.03 percentage points from the previous month, reflecting a stable labor market as the seasonal adjustment showed a consistent 3.38% rate.
Officials attributed the decline to the end of the graduation season, predicting further decreases in November. The number of employed people in October reached 11.609 million, an increase of 5,000 or 0.04% from the previous month. The service sector saw a rise of 3,000 employees, while the agriculture and industrial sectors gained 1,000 workers each.
Employment increased by 51,000, or 0.44%, compared to the same month last year. Due to economic reasons, the number of people working less than 35 hours per week dropped by 13,000 from the previous month and 46,000 from last year, falling below pre-pandemic levels. Unemployment figures showed a reduction of 4,000 people, or 0.95%, from the last month, with first-time job seekers decreasing by 2,000.
The data revealed a decline of 1,000 in those unemployed due to business contractions or dissatisfaction with previous jobs. The average unemployment for January to October was 407,000, a decrease of 12,000 or 2.75% from the same period last year. Youth unemployment rates remained high, with 15-19-year-olds at 9.12% and 20-24-year-olds at 11.84%, primarily first-time job seekers.