India’s jobless rate at 4-month low in July
Data from the Centre for Monitoring Indian Economy (CMIE) showed that the rate has been rising since March’s 6.5%. It rose to 7.97% in April and spiked to 11.9% in May before falling to 9.17% in June.
CMIE managing director & CEO Mahesh Vyas said, “The July data suggests a near-complete recovery. The labour participation rate, unemployment rate and employment rate have all bounced back to close to their March 2021 levels.”
The rural unemployment rate dropped to 6.34% in July. It showed a similar trend with the overall rate – rising from 6.15% in March to 7.13% in April and further to 10.63% in May before easing to 8.75% in June.
The urban unemployment rate also fell month-on-month to 8.3% in July, but was still higher than the 7.27% in March. The trend generally followed those of overall unemployment and rural unemployment rates, recording 9.78% in April, 14.73% in May and 10.07% in June.
May 2021 was one of four months since at least January 2016 when the overall monthly unemployment rate breached the double-digit mark. Last year, the nation-wide lockdown contributed to double-digit unemployment rates in April, May and June.
In 2020, the overall unemployment rate peaked in April at 23.52%. It then started falling from May to 21.73% and 10.18% in June, according to Financial Express.