Unemployment Rate Surges to 7.77% in Oct Against 6.43% in Sept: CMIE

India’s unemployment rate rose in October due to a sharp increase in the rural joblessness rate after the kharif harvest season, according to the Centre for Monitoring Indian Economy (CMIE). Unemployment rate in surged last month on the back of significant increase in rural unemployment rate, reversing the decline registered in September.

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A Recent Trend Analysis:

The jobless rate rose to 7.77% in October, from a four-year low of 6.43% in September, the CMIE data showed. The rural unemployment rate surged to 8.04% from 5.84% in September, while the urban jobless rate moderated to 7.21% compared with 7.7% in the previous month. Kharif crops sown at the beginning of the monsoon season are harvested between September and the first half of October. This results in a dip in October in rural employment, before it picks up in November when sowing for winter crops begins. In November 2021, the rural unemployment rate had fallen sharply to 6.41% from 7.91% in the previous month.

What The Others are Signaling:

Separately, the S&P Global India Manufacturing Purchasing Managers Index (PMI) showed that job creation in October grew at the fastest pace in three years, with manufacturers optimistic about demand buoyancy going forward.

Data by retirement fund body EPFO had showed that it added 1.69 million new subscribers in August 2022, registering a 14.4% increase compared to the year-ago period. The provisional payroll data of the Employees’ Provident Fund Organisation (EPFO) highlighted that of the total 1.69 million members added during August 2022, around 0.99 million have come under the ambit of the EPFO for the first time. Of this, approximately 58.32% were in the age group of 18-25 years.

State-Wise Data:

Among the 25 states for which data is available with the CMIE, six states registered the unemployment rate in double digits. Haryana registered the highest unemployment rate of 31.8 per cent followed by Rajasthan (30.7 per cent), Jammu & Kashmir (22.4 per cent), Jharkhand (16.5 per cent), Bihar (14.5 per cent ) and Tripura (10.5 per cent). Madhya Pradesh recorded the lowest unemployment rate at 0.8 per cent by displacing Chattisgarh (0.9 per cent) from the spot.

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