Unemployment rate in India rose to 8.30 per cent in December 2022, the highest in 16 months, according to data from Centre for Monitoring Indian Economy (CMIE). It was 8 per cent in the month of November. While urban unemployment rose to 10.09 per cent in December, from 8.96 per cent in November, rural unemployment moved to 7.44% from 7.55%, the data revealed.
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The Urban-Rural Gap:
The urban unemployment rate rose to 10.09% in December from 8.96% in the previous month, while the rural unemployment rate slipped to 7.44% from 7.55%.
Is The Unemployment Data a Worrisome Case:
- The rise was “not as bad as it may seem,” as there was a simultaneous increase in the labour participation rate, which rose to 40.48 per cent in December, the highest in 12 months.
- Most importantly, the employment rate has increased in December to 37.1%, which again is the highest since January 2022.
- The unemployment rate had declined to 7.2% in the July-September quarter compared to 7.6% in the previous quarter, according to separate quarterly data compiled by state run National Statistical Office (NSO) and released in November.
State-wise Unemployment Rate:
In December, the unemployment rate rose to 37.4% in the northern state of Haryana, followed by 28.5% in Rajasthan and 20.8% in Delhi.
What is Labor Force Participation Rate:
Labor Force Participation Rate (LFPR) is known as the section of the working population in the age group of 16-64 in the economy currently employed or either seeking employment.
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