Thailand's overall unemployment rate drops in 2nd quarter 2015

BANGKOK, August 24 (TNA) - The Office of the National Economic and Social Development Board (NESDB) reports that Thailand's overall unemployment rate stood at 0.88 per cent in the second quarter of this year, a year-on-year drop, thanks to increased employment in local non-agricultural sectors. NESDB Secretary-General Arkhom Termpittayapaisith, who is also newly-appointed Transport Minister, told journalists of the update on Monday, explaining that employment in the non-agricultural sectors rose by 2.6 per cent in the second quarter of this year although employment in the local agricultural sector dropped by 5.8 per cent year-on-year during the same period due to drought and the country's overall employment shrank by 0.2 year-on-year. Arkhom stressed that employment in Thailand declined in the second quarter of 2015, when jobless people were about 300,000, due to impacts from drought and falling exports. Arkhom pointed out that his office is monitoring workers' incomes, possible layoffs due to a drop in Thai exports and the relocation of production from Thailand to neighboring countries. Besides, the NESDB chief expressed concerns over household debts which amounted to 10.57 trillion baht in the first quarter of this year, a 6.4 per cent year-on-year increase, accounting for 79.9 per cent of Thailand's gross domestic product (GDP), but in the second quarter, the outstanding balance of local consumers' loans rose by 7 per cent year-on-year. As non-performing loans (NPLs) have been rising, the NESDB chief noted that the number of debtors who defaulted has increased by 15.5 per cent for consumers' loans and by 28.8 per cent for credit card debts and the Thai government is trying to solve household debts with nano finance and solutions to teachers’ debts. (TNA)