Taiwan unemployment rate hits 23-month high in July

Unemployment rate in Taiwan rose to 23-month high during the month of July, rising 0.1 percentage points in July from a month earlier to 4.02 percent, the highest level in 23 months, according to government figures released Monday.

The number of unemployed persons increased by 13,000 to 472,000 in July, mainly because college graduates joined the job market, according to data released by the Directorate-General of Budget, Accounting and Statistics (DGBAS) on Monday.

The number of unemployed among first-time job seekers increased by 12,000 during July, while the number of people out of a job because of the termination of seasonal or temporary contracts rose by 1,000, data showed.

Further, the jobless rate was the highest, at 12.45 percent, in the 15-24 age bracket, followed by 4.1 percent in the 25-44 age group, and 2.3 percent among people 45-64. The 4.02 percent jobless rate was a year-on-year increase of 0.2 percentage points and the highest since August 2014, when it reached 4.08 percent, the DGBAS added.

After seasonal adjustments, the rate of unemployment for the month of July was 3.96 percent, roughly the same as in June. Meanwhile, the labor participation rate in July was 58.84 percent, 0.16 points higher than in June.

However, in terms of educational background, the unemployment rate was the highest in July, at 5 percent, among people with college degrees or higher, the DGBAS report showed.