Thursday, March 23, 2006

Taiwan's Unemployment Rate Stays at Five-Year Low

Many opposition party political figures and scholars like to attack the current ruling party DPP for "running the economy to the ground". Some residing international media journalists like to interview certain pan-blue (opposition) scholars. As a result, they would put in their report such as "Taiwan's stagnant economy" or "rising unemployment rate".

Here's bloomberg's most recent report on Taiwan's unemployment rate -- at it's five-year low and is here to stay. (Emphasis mine.)


Taiwan's Unemployment Rate Stays at Five-Year Low

March 22 (Bloomberg) -- Taiwan's unemployment rate held at a five-year low in February as companies such as Chang Hwa Commercial Bank hired more people for expansion.

The seasonally adjusted jobless rate was 3.95 percent last month, little changed from the 3.97 percent recorded in January, the statistics bureau said today in Taipei. That was the lowest rate since February 2001.

Low unemployment may make households more inclined to spend, supporting a government forecast that expansion will accelerate this year. Taiwan's economy grew at the fastest pace in 18 months in the fourth quarter, prompting the government to lift its economic growth forecast for 2006.

Economists had expected 3.96 percent unemployment, according to the median of 16 estimates collected by Bloomberg News. The number of people unemployed on the island rose to 408,000 in February from 397,000 the previous month, today's report showed.

Taiwan's economy expanded 6.4 percent in the fourth quarter from a year earlier, beating most economists' forecasts, as electronics exports jumped and consumer spending increased. The government on Feb. 23 boosted its forecast for expansion this year to 4.25 percent from 4.1 percent.

Chang Hwa Bank, Taiwan's seventh-biggest lender by assets, is planning to hire 100 more employees, including customer services officers and information technology specialist, the Economic Daily News reported on March 13, citing the bank.

Without adjusting for seasonal changes, Taiwan's jobless rate was 3.92 percent in February, up from 3.8 percent in January, the statement said.

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