Lagatar24 Desk
Mumbai, Jan 3: The Centre for Monitoring Indian Economy (CMIE) released a data on Monday that shows India’s unemployment rate reached a four-month high in December.
The unemployment rate increased to 7.9% in December from 7.0% in November, the highest level since August’s 8.3%.
After an increase in instances of the Omicron coronavirus variant and social distancing measures in many areas, the South Asian nation’s economy and consumer morale have taken a knock.
According to the figures, the urban unemployment rate increased to 9.3 % in December from 8.2 % the previous month, while the rural unemployment rate increased to 7.3 % from 6.4 %.
Many economists are concerned that the Omicron variant will undo the previous quarter’s economic recovery.
Economists and policymakers pay great attention to the CMIE data on unemployment because the government does not disclose monthly figures.
According to the CMIE data, Haryana topped the unemployment table in December with 34.1 percent, followed by Rajasthan (27.1), Jharkhand (17.3), Bihar (16.0), and Jammu & Kashmir (15.0).
According to the CMIE, the employment/unemployment status of each suitable member of the household is documented as of the survey date.
According to news reports, the jobless rate among urban youth aged 15 to 29 years grew to 19.2% and 21.1 percent, respectively, in the pre-lockdown periods of October to December 2019 and January to March 2021. On March 25, 2020, a lockdown was established to stop the virus from spreading.
