Taiwan sees drop in March unemployment to 3.78%

Taipei--Taiwan's jobless rate fell to 3.78 percent in March, a decline of 0.07 percentage points from a month earlier, according to government date released Monday.

The March unemployment rate also dropped 0.11 points year-on-year and was the lowest since June 2015, when it stood at 3.71 percent, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said, citing a recovery of the domestic economy.

Commenting on the latest unemployment data, Pan Ning-hsin (???), deputy director of the DGBAS' census department, said that the local job market was stable.

After seasonal adjustments, unemployment in March was 3.84 percent, up 0.01 percentage points from February, the data showed.

In March, a total of 445,000 workers were out of the job market, down 8,000 from the previous month, with the number of those who lost their jobs due to termination of temporary or seasonal work contracts falling by 3,000, the DGBAS said.

The number of first time jobseekers and those who were unemployed due to business downsizing or closures fell 4,000 from a month earlier, while the number of those who quit because they were unhappy with their jobs rose by 1,000, the agency said.

In total, the number of unemployed people in Taiwan fell by 10,000 in March from a year earlier, according the DGBAS data.

In the 15-24 age group, the unemployment rate was 12.01 percent, the highest among the all age groups, but was a slight drop from the 12.18 percent recorded in February, the March data showed.

Unemployment in the 25-29 age group also dropped slightly, from 6.71 percent in February to 6.64 percent in March, according to the DGBAS data.

Among persons with a college degree or higher, the jobless rate was 4.07 percent in March, the highest among people of all education levels, but was a drop from 4.14 percent in February, the DGBAS said.

Meanwhile, the country's labor participation rate fell to 58.73 percent in March, a drop of 0.02 percentage points from a month earlier, but was 0.09 percentage points higher year-on-year, the data showed.

The total employed workforce was 11.76 million, down 2,000, or 0.02 percent from a month earlier, according to the data.

In the first three months of the year, Taiwan's jobless rate averaged 3.81 percent, down 0.01 percentage points from a year earlier, while the labor participation rate was 0.09 percentage points higher at 58.76 percent, the data indicated.

Source: Focus Taiwan News Channel