TAIPEI (CNA) — Taiwan’s jobless rate edged higher in August as more new graduates entered the job market for the first time, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Monday.
Taiwan had an unemployment rate of 3.89 percent in August, up 0.07 percentage points from July. The seasonally adjusted jobless rate also rose by 0.01 percentage points in August to 3.73 percent.
The DGBAS said it was no surprise that the nominal unemployment rate has spiked during the graduation season between June and August when new university graduates flood the labor market.
But the seasonally adjusted rates of 3.72 percent in July and 3.73 percent in August, which account for the annual influx of new job seekers, were similar to the 3.73 percent jobless rate for the January to August period, indicating a stable job market, DGBAS data showed.
The 3.73 percent rate was up 0.03 percentage points from the first eight months of 2018.
Despite the higher nominal jobless rate in August, the labor participation rate rose 0.10 percentage points from a month earlier to 59.38 percent, the DGBAS said.
In August, the number of those without a job rose 9,000, or 1.98 percent, from a month earlier to 466,000, while the number of those who were employed stood at 11.53 million, up 15,000, or 0.13 percent, from a month earlier, the DGBAS figures showed.
By Wu Po-wei and Frances Huang