Friday, January 6, 2012

Taiwan’s jobless rate dropped slightly in November 2011

l  Although the European sovereign debt crisis remains unresolved, Taiwan’s jobless rate for November 2011 decreased slightly, from 4.3 to 4.28 percent, indicating that the economy remains vulnerable to external shocks and global economic uncertainty.

l  The relatively unchanged jobless rate for November should not come as a surprise to most since other economic indicators, e.g. exports and consumer confidence index (CCI), have been declining since the third quarter of 2011.

l  Taiwan’s unemployment rate has, in fact, been edging upward since October and the trend is likely to continue into the first half of 2012, unless, of course, the European debt crisis is contained and the US economic recovery continues. Although few would expect large-scale layoffs, more employees could be forced to go on extended unpaid leave.

l  As for the employment outlook this year, the views are divided. While some expect the number of job vacancies will be more than the number in 4th quarter 2011, others believe the local job market will not improve unless, and until, the European debt crisis is alleviated or resolved.

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