TAIPEI - TAIWAN'S unemployment rate hit a record high in May, largely due to a slew of business closures brought about by the global economic slump, the government said on Monday.

It said an increase in first-time job seekers was as a factor in sending last month's jobless rate to 5.82 per cent.

The figure is up from 5.76 per cent recorded in April, the directorate general of budget, accounting and statistics said.

On a seasonally adjusted basis, May unemployment rose to 5.84 per cent from 5.77 per cent in April, the agency said.

In May, the number of the jobless reached 633,000, up 8,000 from a month earlier.

Taiwan reported that the economy shrunk by a record 10.24 per cent in the first quarter of the year as its exports were badly hit by weak demand brought about by the global crisis. -- AFP