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Taiwan's Unemployment Rate Declined to an 18-Month Low in June on Exports
Taiwan’s jobless rate fell in June to the lowest level in 18 months as a recovery in exports prompted manufacturers to hire.
The seasonally adjusted rate declined to 5.2 percent last month from 5.22 percent in May, the statistics bureau said today in Taipei. That compared with a median estimate of 5.16 percent in a Bloomberg News survey of 13 economists.
A recovery in the global economy helped export orders rise faster than economists expected in June and boosted sales at Taiwan Semiconductor Manufacturing Co., the island’s biggest company by market value, which says it plans to hire as many as 8,000 workers at a new plant on the island.
“Taiwan’s economy is benefiting from strong overseas demand,” Hsu Kuo-an, an economist at Capital Securities Corp. in Taipei, said before the report. “The job market is also improving along with the economy.”
The government-backed Chung-Hua Institution for Economic Research last week raised its 2010 economic growth forecast to 6.94 percent from an April estimate of 4.99 percent.
The number of unemployed people declined to 575,000 in June from 576,000 in May. Without adjusting for seasonal factors, the jobless rate rose to 5.16 percent from 5.14 percent.
Growing demand for Taiwan’s computers and flat-television screens spurred a 22.48 percent increase last month in export orders, an indication of shipments in the next one to three months, a report showed this week.
Morris Chang, chairman of Taiwan Semiconductor, said last week the chipmaker will spend NT$300 billion ($9.3 billion) building a new factory in Taichung, central Taiwan, signaling it expects increasing global demand for the components used in phones and computers.
To contact the reporter on this story: Chinmei Sung in Taipei at csung4@bloomberg.net.
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