Taiwan’s Chips Sector Unscathed as Island’s Jobless Rate Hits 7-Year High

The island powerhouse’s unemployment numbers surged in May off the back of virus lockdowns which hit the nation’s hospitality and entertainment sectors the hardest

Taiwan’s unemployment rate hit a seven-year high in May, following curbs imposed on the island’s entertainment and hospitality sectors to help stop the spread of Covid-19.

May’s jobless rate of 4.15% was the highest since October of 2013, when it hit 4.17%, it was reported on Tuesday.

Taiwan raised its virus alert level in May to control a spike in infections, limiting personal gatherings, closing entertainment venues and stopping restaurants from offering anything but takeaways.

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However, case numbers are now declining, and the Cabinet said on Monday that ministries and officials should now make preparations to ease restrictions.

Despite the domestic coronavirus outbreak, export-reliant Taiwan’s key semiconductor industry has been largely unaffected.

Reporting by Reuters

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.