Taiwan’s seasonally adjusted unemployment rate fell to 3.41% in October 2023, down from 3.64% in October 2022, according to data from the Directorate General of Budget Accounting and Statistics (DGBAS).

On a non-seasonally adjusted basis, compared with the previous year, the unemployment rate declined by 0.21% to 3.43% in October. Month-on-month, the unemployment rate declined by 0.05%.

The number of unemployed persons was 411,000 in October, a decrease of 5,000 (-1.23%) and 20,000 (-4.75%) from the previous month and previous year, respectively.

Total employment increased by 148,000, up 1.30% compared with the previous year, to a total of 11,558,000. Total employment increased by 17,000 (0.15%) in October.

When compared with that of the previous year, employment in the agriculture sector decreased by 25,000 (-4.71%). However, the industry and the services sector increased by 2,000 (+0.05%) and 170,000 (+2.49%), respectively.

On a monthly basis, employment in the agriculture sector decreased by 3,000 (-0.61%) in October; by contrast, the industry and the services sector increased by 6,000 (+0.14%) and 14,000 (+0.21%), respectively.

The labour force participation rate rose over the month by 0.03% to 59.24% in October; it also rose by 0.06% from the previous year.