Taiwan’s unemployment rate hits 23-year low in May

TAIPEI (TVBS News) — Taiwan's unemployment rate reached a new low in May, according to the statistics released by the Directorate-General of Budget, Accounting, and Statistics. 

The data revealed that the unemployment rate for May was 3.46%, marking a decrease of 0.04 percentage points compared to the previous month and a decline of 0.22 percentage points compared to the same month last year. 

This record-low unemployment rate is the lowest in nearly 23 years and the lowest for a single month in the past 22 and a half years. The report indicates that despite poor export performance, the demand for labor in the domestic service industry remains steady, resulting in a continuous decline in the unemployment rate.

In terms of employment figures, the report stated that the total number of employed individuals in May was 11.507 million, reflecting an increase of 1,000 compared to the previous month. The service sector saw a rise of 6,000 employees, while the industrial sector added 1,000 employees. Compared to the same month last year, the service industry employment increased by 136,000, representing a growth rate of 1.20%.

The seasonally adjusted rate reached 3.50%. The number of unemployed individuals stood at 412,000, indicating a decrease of 5,000 compared to the previous month, a decline of 1.20%. Among the unemployed, 5,000 lost their jobs due to business contraction or closures. Compared to the same month last year, the number of unemployed individuals decreased by 22,000, a decline of 5.01%.

Chen Hui-hsin, deputy director of the Directorate-General of Budget, Accounting, and Statistics, explained that although export conditions remained unfavorable, the occurrence of events such as Mother's Day had stimulated opportunities in the domestic service industry, resulting in a continuous decline in the unemployment rate and a stable job market.