Saturday, 22 January, 2022
HomeEconomyIndia's unemployment rate rises to 7.75% in October due to joblessness in...

India’s unemployment rate rises to 7.75% in October due to joblessness in rural areas

Rural unemployment jumps to 7.91% from 6.06% in September, whereas urban joblessness drops to 7.38% from 8.62%, CMIE data shows.

Text Size:

New Delhi: India’s jobless rate rose as unemployment surged in the nation’s rural areas, even as non-farm jobs notch up gains with the economy emerging from pandemic curbs.

Unemployment in October rose to 7.75% from a three-month low of 6.86% in September, data from private research firm Centre for Monitoring Indian Economy Pvt. showed Monday. Rural unemployment jumped to 7.91% from 6.06% the previous month, whereas urban joblessness dropped to 7.38% from 8.62%, the data showed.

The hinterland-fueled growth in the unemployment rate is unlikely to be a major cause for concern to India’s policy makers just yet, given manufacturing activity is expanding amid business optimism hitting a six-month high in October. Data from IHS Markit showed manufacturing and services sectors have been adding jobs in recent months to keep up with stronger demand in the economy.

The data from CMIE is one of the early indicators of economic activity and is tracked widely in the absence of timely government data. India’s labor ministry recently reinstated efforts to publish official data, but it doesn’t give a complete picture of the job situation in the country.- Bloomberg


Also read: A payment before end of contract can boost poor worker’s productivity by 13%, study shows


 

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

Most Popular

×