The unemployment rate last month declined 0.05 percentage points from a month earlier to 3.43 percent, the lowest figure for the period in 23 years, as more first-time jobseekers found jobs and fewer people quit, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
The unemployment rate has dropped for two months in a row after unfavorable factors linked to the graduation season faded, Census Department Deputy Director Chen Hui-hsin (陳惠欣) said, adding that it would drop further in the coming months.
“Companies focused on domestic demand are to raise their headcounts to meet a seasonal uptick in business this quarter,” Chen said.
Photo: CNA
Data from the past five years showed that the unemployment rate dropped 0.09 to 0.19 percentage points over the high sales season in November and December, the official said, adding that department stores and the hospitality sector would benefit from corporate and family feasts that usually come with prize draws.
Unemployment after seasonal adjustments dropped 0.03 percentage points to 3.41 percent, affirming a stable job market, Chen said.
Major restaurant operators said that more than 10,000 tables have been reserved for year-end and spring banquets, as companies are emerging from COVID-19 disruptions for the first time since 2020.
The performance of manufacturers has been relatively soft, as many are still dealing with the effects of a global trade slowdown, Chen said, adding that their overall headcount declined by 2,000 month-on-month and 19,000 year-on-year.
“It is too early to tell when the slowdown might come to an end, as geopolitical tensions are intensifying and global inflation is still elevated,” the official said.
The total number of unemployed people shrank by 5,000 to 411,000 month-on-month after the number of people who quit their jobs decreased at the same pace, the DGBAS report said.
University degree graduates had the highest unemployment rate of 4.68 percent, followed by high-school graduates at 3.14 percent and people with graduate degrees at 2.7 percent, the report said.
People with junior-high school education or lower had the lowest jobless rate of 2.39 percent, it said.
Meanwhile, people aged 20 to 24 had the highest unemployment rate of 11.56 percent, followed by the 15-to-19 age group at 8.45 percent and the 25-to-29 age group at 6.02 percent, the report said.
People aged 45 to 64 had the lowest jobless rate of 2.1 percent, it said.
The average unemployment period was 20.7 weeks, down by 0.2 weeks from a month earlier even though first-time jobseekers needed a bit more time to find work, the DGBAS said.
Taiwan’s headline unemployment rate was higher than Hong Kong’s 3 percent, Japan’s 2.6 percent and South Korea’s 2.1 percent, the agency added.
Hon Hai Precision Industry Co (鴻海精密) yesterday said that its research institute has launched its first advanced artificial intelligence (AI) large language model (LLM) using traditional Chinese, with technology assistance from Nvidia Corp. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), said the LLM, FoxBrain, is expected to improve its data analysis capabilities for smart manufacturing, and electric vehicle and smart city development. An LLM is a type of AI trained on vast amounts of text data and uses deep learning techniques, particularly neural networks, to process and generate language. They are essential for building and improving AI-powered servers. Nvidia provided assistance
DOMESTIC SUPPLY: The probe comes as Donald Trump has called for the repeal of the US$52.7 billion CHIPS and Science Act, which the US Congress passed in 2022 The Office of the US Trade Representative is to hold a hearing tomorrow into older Chinese-made “legacy” semiconductors that could heap more US tariffs on chips from China that power everyday goods from cars to washing machines to telecoms equipment. The probe, which began during former US president Joe Biden’s tenure in December last year, aims to protect US and other semiconductor producers from China’s massive state-driven buildup of domestic chip supply. A 50 percent US tariff on Chinese semiconductors began on Jan. 1. Legacy chips use older manufacturing processes introduced more than a decade ago and are often far simpler than
STILL HOPEFUL: Delayed payment of NT$5.35 billion from an Indian server client sent its earnings plunging last year, but the firm expects a gradual pickup ahead Asustek Computer Inc (華碩), the world’s No. 5 PC vendor, yesterday reported an 87 percent slump in net profit for last year, dragged by a massive overdue payment from an Indian cloud service provider. The Indian customer has delayed payment totaling NT$5.35 billion (US$162.7 million), Asustek chief financial officer Nick Wu (吳長榮) told an online earnings conference. Asustek shipped servers to India between April and June last year. The customer told Asustek that it is launching multiple fundraising projects and expected to repay the debt in the short term, Wu said. The Indian customer accounted for less than 10 percent to Asustek’s
Gasoline and diesel prices this week are to decrease NT$0.5 and NT$1 per liter respectively as international crude prices continued to fall last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said in separate statements. Global crude oil prices dropped last week after the eight OPEC+ members said they would
RSS