Taiwan Jobless Rate Hits New High of 4.92 Percent in July

Taiwan's unemployment rate hit a new high of 4.92 percent in July due to economic sluggishness, according to reports reaching Hong Kong from Taibei Thursday.

July's soaring jobless rate was the tenth monthly rise in a row and marked the longest consecutive period of rising unemployment in Taiwan's history.

The number of people who lost their jobs because of business closings or layoffs in July marked the eleventh consecutive month when the figure has risen.

In July, 480,500 people were out of job or looking for employment, including newly graduated students pouring into the job market and former white-collar employees turning to blue- collar work, an increase of 43,000 from June, marking an unemployment rate of 4.92 percent.

Analysts said Taiwan's jobless rate will break the five percent mark in August with no signs of immediate recovery in sight.

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