Unemployment rate improves to 15-year low in June: DGBAS
The unemployment rate in July dropped 0.2 percentage points from last year to 3.82 percent, the lowest for the month in 15 years, the Directorate General of Budget, Accounting and Statistics (DGBAS, ) reported yesterday.
July unemployment was down by 0.2 percentage points yearon-year, though it rose by 0.11 percentage points from June, said Chang Yun-yun ( ), DGBAS deputy chief of the census division of the DGBAS.
The rate was worst among 20- to 24-year-old job seekers at 12.91 percent, up 0.64 percent from the preceding month. Among 25- to 29-year-olds, the unemployment rate was 6.65 percent, an increase of 0.07 percentage points, Chang said.
Not Due to Economic
The DGBAS said that the month-on-month rise in unemployment had been driven by the entry of fresh graduates to the labor force and not by Taiwan’s economic slowdown.
The unemployment rate is a lagging indicator that has not yet seen measurable effects from the decline in export performance and slowdown of gross domestic product ( GDP) growth, Chang said.
She said it typically takes three to six months before the unemployment rate reflects the state of the domestic economy.
While conditions in the labor market have remained largely unchanged from June, new job seekers have continued to enter the market.
According to the DGBAS report, there were 445,000 unemployed in July, up 14,000 from the preceding month. — among them, 11,000 were first-time job seekers.
Only 2,000 and 1,000 people were unemployed due to layoffs or the end of their short-term jobs, respectively. Compared to June, 2,000 fewer people were unemployed because they were dissatisfied with their former employers, according to the DGBAS.
Recruitment Tapering: Job Bank
The 1111 Job Bank said that based on its analysis of available positions in its databank, the annual recruitment boom is tapering.
Peak season for recruitment, which usually begins in the first half of the year, has been drawing to a close, 1111 Job Bank vice president Daniel Lee ( ) said yesterday.
In July, there were 389,000 fulltime positions in the employment bank, down 4 percent from June, he said.
Among industries represented in the job bank, consumer services ( / ) was most active in recruiting in July, while retail sales ( ) and medical/farming/ environmental industries ( /
/ ) posted the most annual growth.
Industries where hiring declined year-on-year were construction, real estate ( ) and information technology ( ), Lee said.