Taiwan’s seasonally adjusted unemployment rate improved to 3.40% in February 2024, down from 3.58% in February 2023, according to data from the Directorate General of Budget Accounting and Statistics (DGBAS).

When compared with the January 2023, the seasonally adjusted unemployment rate also rose by 0.01% to 3.40%.

Compared with that of the previous year, the unemployment rate declined by 0.14% in February 2024. The unemployment rate rose over the month by 0.08% to 3.39% in February.

Meanwhile, the number of unemployed persons was 406,000 in February, an increase of 9,000 (+2.28%) but a decrease of 14,000 (-3.43%) from the previous month and that of the previous year, respectively.

Total employment in Taiwan decreased over the month by 15,000 (-0.13%) in February to 11,572,000; however, it increased by 87,000 (0.75%) when compared with that of the previous year.

By sector, when compared with that of the previous year, employment in agriculture and the industry sector decreased by 30,000 (-5.73%) and 3,000 (-0.07%), respectively; by contrast, the services sector increased by 119,000(+1.72%) in February.

At the same time, month-on-month data showed employment in agriculture, the industry sector and the services sector decreased by 3,000 (-0.62%), 7,000 (-0.19%) and 5,000 (-0.06%) in February, respectively.

Taiwan’s labour force participation rate declined over the month by 0.04% to 59.21% in February; however, it rose by 0.03% from that of the previous year.