In the figures released recently by Taiwan’s statistics bureau, the unemployement rate in Taiwan has remained nominally unchanged from the previous month. However, the rates have reached a 22-month high when the seasonal factors were taken into account. From April to May, the unemployement rate remained unchanged and stayed at 3.67 percent.
However, the figures from Directorate General of Budget from Accounting and Statistics showed that seasonally adjusted rate rose 0.02% points from the previous month to 3.75%. Now, this unemployment rate is the highest in Taiwan since July 2017.
Although the figure of umemployed people remained the same as previous month which was 437,000. The number of employed, however, rose by 0.03% or 4000 from its previous month to 11.48 million. Also, the data reveals that Taiwan’s labor force participation rate has also increased by 0.01% up to 59.07% in May 2019.
DGBAS also reveals that they will have to carefully observe the job market in the coming months and check if the economic slowdown is gripping export-oriented Taiwan or not. This is at a time when the United States and China are continuing their standoff on trade which is expected to affect the local labor market.
However, this slowdown was confirmed in a report seperate from this one on Taiwan’s industrial production index. The report revealed that this index fell by 3.05% from a year earlier and has come to 108.02%.
The lackluster performance of the global economic slowdown as well as the ongoing trade war between US and China have been blamed by the ministry for this.
However, MOEA has also said that “gradual reduction in inventories held by semiconductor customers, and expanding applications in such fields as high performance computing, the internet of things, and biometrics will help contribute to the country’s industrial performance in the coming months.” which is definitely positive for Taiwan’s economy.