TAIPEI - Taiwan's unemployment rate stood at 4.18 percent in 2013, a decrease of 0.06 percentage points year on year, the island's budget and statistics authorities announced on Wednesday.

The seasonally adjusted labor participation rate stood at 58.43 percent on average in 2013, a rise of 0.08 percentage points year on year, which shows a warming labor market on the island, according to the authorities.

The jobless rate for residents with education to degree level or above also dropped to 5.26 percent in 2013 from 5.37 percent a year earlier, signaling improved prospects for graduates.