Joblessness rises to 3-year high

Why is it in the news ?
  • According to data released by the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate in October rose to 8.5%.
  • The rate of 8.5% is at the highest level since August 2016.
More in the news
  • The last time the unemployment rate was higher was in August 2016 at 9.59 per cent.
  • Economic Downturn: The recent data reflects an overall economic downturn in the country.
  • Among State:
(1) Tripura and Haryana saw unemployment levels of more than 20% (the highest).
(2) The unemployment was the lowest in Tamil Nadu at 1.1%.
(3) Rajasthan saw its unemployment rate double between September and October 2019.
  • The figures by CMIE are in line with the findings of the latest Periodic Labour Force Survey(LFS).
  • The LFS had estimated an unemployment rate of 6.1% between July 2017 and June 2018, the worst in 45 years.
  • Other Data:
(1) Between 2011-12 and 2017-18, employment declined by an unprecedented nine million jobs (a 2% drop).
(2) Agricultural employment declining by 11.5%.
(3) In the same period, employment in the service sector increased by 13.4%.

  • Manufacturing employment dipped by 5.7%.
Source
The Hindu.
Posted by Jawwad Kazi on 2nd Nov 2019
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