Taiwan's Unemployment Rate Hits 5.23 Percent

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Last updated at: (Beijing Time) Friday, August 23, 2002

Taiwan's Unemployment Rate Hits 5.23 Percent

Taiwan's unemployment rate in July went up to 5.23 percent, or 0.12 percent higher than in June,according to reports from Taipei Friday.

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Taiwan's unemployment rate in July went up to 5.23 percent, or 0.12 percent higher than in June,according to reports from Taipei Friday.

The rate for August is likely to exceed last October's record high of 5.33 percent, and the rate for the entire year of 2002 is expected to be 5.1 percent, sources quoted the statistical department of the Taiwan authority as saying.

The rise in July is largely due to the graduation season, when many first-time job seekers attempt to enter the job market.

The number of unemployed in July increased to 523,000 people, an increase of 14,000 over last month. A total of 21,000 first-time job seekers contributed to the total number of unemployed.

Illustrating the difficult job market, a local manpower agency,1111 Job Bank, unveiled statistics saying that 68.5 percent of university graduated students this year have been unable to find ajob.

The agency also reported that only 7.4 percent of companies surveyed were willing to open up more job opportunities in the fourth quarter.

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