Taiwan’s jobless rate drops to 22-year low as first-time jobseekers decline

Fresh graduates are finding jobs faster in Taiwan, which is a contributing factor to the lower unemployment rate.
By: | October 26, 2023
Topics: Mobility | News | Taiwan

Taiwan’s unemployment rate fell to 3.48% in September, the lowest level for the month since 2000, as the number of first-time jobseekers declined, according to the Directorate General of Budget, Accounting and Statistics (DGBAS).

The decline in the unemployment rate was driven by a drop in the number of first-time jobseekers, which fell by 6,000 from a month earlier, and the number of those who lost their jobs due to business downsizing and closures fell by 3,000 from August. 

Chen Hui-hsin, Census Department Deputy Director, DGBAS, said that with a growing number of new graduates landing their first jobs, the number of first-time jobseekers tumbled, helping push the overall unemployment rate lower.

The unemployment rate for those aged 20 to 24, a group that includes many recent graduates, was 11.79% in September, but it was only about half of that at 5.93% for those aged 25 to 29. Additionally, the unemployment rate for those with a university degree was 4.77% in September, the highest among all educational levels.

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Despite the overall decline in the unemployment rate, there are still concerns about the labour market. The number of employed fell by 5,000 from August to September, to 11.54 million, and the labour participation rate was down 0.09 percentage points from a year earlier to 59.21%.

Looking ahead to the labour market prospects in Q4’2023, Chen stressed the importance of monitoring uncertainties such as growing geopolitical tensions and their potential impact on the global economy, and, in turn, the local economy and job market, reported Focus Taiwan.