TAIPEI, TAIWAN - Taiwan's recession appeared to be easing as its key economic indexes staged a slight rebound for the fourth successive month, the government said Friday.

The index of leading indicators rose 3.3 percent from April, when it posted a revised 2.9 percent, the Council for Economic Planning and Development said.

The index, which is used to evaluate economic performance in the coming three to six months, showed increasing over-time in the manufacturing and service sectors, improved export orders and semiconductor shipments, and rising share prices, the council said.

May's index of coincident indicators, which tracks the current pace of economic activity, rose 2.7 percent from a month earlier, compared with April's 3.0 percent growth, it said.

The May figures "indicated the recession is easing with a positive trend seen in both financial and manufacturing sectors," the council said in a statement.

"However, the job market remains severe... We have to continue to closely watch the economy and come up with appropriate measures to overcome the downturn," it added.

Taiwan reported a record 10.24 percent economic contraction in the first quarter of the year as its exports were badly hit by weak demand brought about by the global crisis.