Unemployment: A third wave is being feared due to the new variant Omicron of Corona, even before that an increase in the unemployment rate was registered.
Unemployment: A third wave is being feared due to the new variant Omicron of Corona, even before that an increase in the unemployment rate was registered. According to data from the Center for Monitoring Indian Economy (CMIE), the unemployment rate reached a record high of four months in December 2021 last month. Last month the unemployment rate stood at 7.91 percent.
The unemployment rate data is indicating the failure of the slow economic recovery to meet the challenges of increasing demand for employment. The third wave of corona can make this situation worse. However, it is being estimated that due to the possibility of more and more people being vaccinated and no large-scale lockdown, the possibility of a sharp jump in the unemployment rate is less.
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Unemployment rate increased in both cities and villages
According to CMIE data, the increase in unemployment rate last month was due to poor employment conditions in both cities and villages. Earlier, in August 2021, the unemployment rate was at 8.32 percent, but after that it remained low for the next three months. The unemployment rate was 6.86 percent in September 2021, 7.75 percent in October 2021 and 7 percent in November 2021.
According to CMIE’s monthly data, the unemployment rate in cities stood at a four-month record high of 9.3 per cent in December 2021, while it was 8.62 per cent in September 2021, 7.38 per cent in October 2021 and 8.21 per cent in November 2021. Talking about the villages, the unemployment rate here was at a two-month high level of 7.28 percent in December 2021, while it was 7.91 percent in October 2021 and 6.44 percent in November 2021.
Not getting enough employment opportunities
CMIE MD and CEO Mahesh Vyas says that the economy is not able to create enough opportunities for people looking for employment. According to Vyas, there was a better increase in the labor participation rate in December 2021. There was an increase of 85 lakhs in the labor force but only 40 lakhs in the employment. Due to this the unemployment rate increased.
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