MNI BRIEF: Taiwan Unemployment Rate Falls In October

Taiwan’s unemployment rate edged down to 3.64% in October, the lowest level since April, as the economy recovers from pandemic disruptions.

The jobless rates dipped 0.02% from September, with the seasonally adjusted unemployment rate remaining constant at 3.64%, the National Statistics Department said on Tuesday.

Total employment increased by 13,000 in October, up 0.12% m/m, as a decline in agricultural sector jobs of 4,000 was offset by gains of 2,000 and 16,000 in the industry and services sectors respectively.

The Central Bank of the Republic of China said in its Q3 monetary policy meeting minutes that employment and wage growth were likely to improve, as a recovery in domestic services would support private consumption. Taiwan’s GDP grew by 4.1% in Q3, led by a recovery in consumption as the economy rebounds from the pandemic. (SEE MNI BRIEF: Taiwan's Q3 GDP Quickens to 4.1%)

The central bank has forecast GDP growth of 3.51% this year and 2.90% next year, as the deteriorating global economy dampens export demand. (SEE MNI BRIEF: Taiwan's Exports Fall For Second Month in October)