Unemployment reaches 15-year high in Taiwan

Ulhas Joglekar ulhasj at SPAMbom4.vsnl.net.in
Sat Jan 27 03:31:44 MST 2001


Sunday
21 January 2001

Unemployment reaches 15-year high in Taiwan
TAIPEI: Taiwan's jobless rate jumped to 3.27 per cent in December to
approach a 15-year high because of a rise in factory closures, the
government said on Saturday.
The jobless rate for the full year 2000 averaged 2.99 per cent, up from
1999's 2.92 per cent, the government said.
December's jobless rate was the highest since the 3.33 per cent posted in
February 1986.
Factory closures, mostly from traditional industries, have contributed to
the three straight months of increases in the island's jobless rate
beginning in October.
Taiwan's economy has been slowing due to falling demand domestically from a
weak stock market, compounded by a slowdown in the global personal computer
industry and global economy.
The bellwether stock market lost as much as 50 per cent during the second
half of last year in part due to political gridlock between the Cabinet and
the opposition-led legislature that has all but halted effective
policy-making.
Meanwhile, Taiwan's industrial output in December contracted for the first
time in 15 months and export orders fell below expectations due to an
overall slowdown in the global economy, the government said on Saturday.
December export orders totaled US $12.5 billion, down from November's US
$13.3 billion to hit its lowest value since April 2000.
Industrial output contracted 2.07 per cent in December, the first decline
since September 1999 and compared with November's revised 1.46 per cent
gain. (AP)
 For reprint rights:Times Syndication Service







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