The unemployment rate in the country rose to 7.77 percent in October due to reduced employment in rural areas. In addition, a marginal decline in the Labor Participation Rate (LPR) has also led to an increase in the unemployment rate. The unemployment rate in September stood at a four-year low of 6.43 percent.
According to data from the Center for Monitoring Indian Economy (CMIE), the unemployment rate in rural areas rose from 5.84 percent in September to 8.04 percent in October. However, urban unemployment declined during this period. The unemployment rate in urban areas stood at 7.21 percent in October, up from 7.7 percent in September. At the same time, the LPR also came down from 39.3 percent in September to 39 percent. A year ago, the rate was 37.3%. CMIE said that the continuous fall in LPR is a matter of serious concern. This shows that only a small number of the working-age population is ready for employment.
78 lakh jobs decreased, the unemployed increased by 56 lakh
CMIE said the fall in LPR coupled with the high unemployment rate means that employment is declining. The employment rate in the country has come down to 36% in October. During this period, the number of employees decreased by 78 lakh to 39.64 crores. In September, their number was 40.42 crore.
The number of unemployed increased by 56 lakhs. 22 lakh people dropped out of the labor market.
Due to this, the labor force in the country has come down to 42.98 crore from 432 crore in September.
Employment in agriculture is the lowest in four years
According to the data, the number of people working in the agriculture sector was 164 million in November 2021. Since then it has been on a steady decline and in September this year, the number has come down to 134 million. However, with the improvement, the number of jobs in the agriculture sector increased to 13.96 million in October. Despite this, October has had the lowest number of agricultural workers in the last four years.
During this, 79 lakh jobs were reduced in the service sector. Of this, 46 lakhs of rural areas and 33 lakhs of urban areas.
The number of workers in the industrial sector has come down by 53 lakhs. There was a decline of 10 lakhs in the construction industry.
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