Taiwan jobless rate drops in October

Taiwan jobless rate drops in October

TAIPEI, Taiwan

Taiwan’s jobless rate fell slightly to 5.96 percent in October as fewer people lost their jobs due to company layoffs, the government said Monday.

The Directorate-General of Budget, Accounting and Statistics said the unemployment rate dropped for the second month after reaching a high of 6.13 percent in August amid emerging signs of a global economic recovery.

The rate stood at 6.04 percent in September.

A total of 653,000 were unemployed in October, down from 660,000 in September, it said in a statement.

The island’s jobless rate had climbed steadily since late 2008 when exports shrank amid the global financial meltdown.

Taiwan’s economy contracted 7.5 percent in the second quarter. The government has predicted a 4 percent contraction in gross domestic product this year.