Navya writes and speaks about matters that often do not come out or doesn’t see daylight. Defense and economy of the country is of special interest to her and a lot of her content revolves around that.
India's unemployment rate stands a tad lower at 23.48% as compared to 23.52% in April, as per data released by Centre for Monitoring Indian Economy (CMIE) on Monday. Similarly the rural unemployment rate in May stands at 22.48% which is marginally lower than 22.89% in April. The urban unemployment rate, however, has jumped from 24.95% in April to 25.79% in May.
Last month CMIE had reported that 91% of those who lost jobs in April were salaried employees, entrepreneurs, hawkers and labourers.
State-wise data shows that Jharkhand tops the list with highest unemployment rate of 59.2% followed by Puducherry at 58.2% and Bihar at 46.2%.
While the unemployment rate looks reasonably stable around 23% - 24%, the labour participation rate (LBR) tells a different story. In the week ended with May 24, LBR stood at 38.7%, which is lower than 38.8 % in it's proceeding week.
The biggest jump in LBR can be seen between March to April where it dropped 6.3 percentage points - from 41.9 % in March to 35.6 % in April.
CMIE observed that as unemployment rose to 122 million in April but the count of unemployed who were actively looking for job increased by just 53 million.
The weekly estimates of May has shown that there is a migration of labour from "willing but not looking for job" category to "willing and looking for job". These workers who were discouraged by large scale loss of unemployment around them, now seem to come back to look for jobs, CMIE report said.
With the imposition of strict nationwide lockdown since March 24 , Indian economy is gasping for breath.Several economic experts, opposition leaders have called the lockdown "unplanned" and claimed it as the main reason for the slumping of economy.
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