TAIPEI (Taiwan News) – The unemployment rate fell to 3.4% in October, a slight decline of 0.03% from the previous month, the government said Friday (Nov. 22).

The new figure marked the second drop in a row after three months of increases influenced by recent graduates searching for their first job, per CNA. Dismissing seasonal factors, the jobless rate stood at 3.38%, the same level as in September.

The Directorate General of Budget, Accounting and Statistics (DGBAS) registered 408,000 people out of work in October, a drop of 4,000 from September and of 3,000 from October 2023. The number of first-time jobseekers declined by 2,000.

The month with the lowest unemployment rate for the year so far was January, with a jobless level of 3.31%.