India s Weekly Unemployment Rate Rises to 14.7% â the Highest Since June 2020: CMIE
Urban employment rose to 17.4% in the week ended May 23 compared with 14.7% in the previous week, while rural unemployment eased to 13.5% compared with 14.3% in the previous week.
Representative image. Job seekers fill up forms as others line up for registration during a job fair in Chinchwad, India February 7, 2019. Photo: Reuters/Danish Siddiqui/File Photo
Economy9 hours ago
New Delhi: India’s unemployment rate has spiked to 14.7% in the week ended May 23, the highest since June 2020, according to Centre for Monitoring Indian Economy (CMIE) data.
Urban employment rose to 17.4% during the same period compared with 14.7% in the prior week, while rural unemployment eased to 13.5% compared with 14.3% in the prior week.
Migrant labourers wait in queues in Kashmir in order to travel back to their homes. The second wave of COVID-19 in India has seen masses of people leave cities and towns to return to their rural homes. Credit: Umer Asif/IPS
NEW DEHLI, May 25 2021 (IPS) - Last month, in the midst of New Dehli’s coronavirus lockdown, 37- year-old labourer Prakash Kumar wanted to return to his rural home in India’s northern state of Uttar Pradesh. But instead of travelling the usual few hours by bus, Kumar had to journey for three days.
“The firm [where I worked] was closed down and there was no work left in the city. The government had kept the busses and trains operational and that is why we decided to leave,” Kumar told IPS.
Rising unemployment adds to the Covid pain
Surabhi
Mumbai |
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Unemployment rates are slowly moving back to the record highs of June 2020 when there was a national lockdown
A fledgling recovery in the country’s labour market has been derailed, with surging Covid cases and localised lockdowns bringing economic activity to a halt.
This time around, job losses and unemployment are being reported not only from urban centres but also from rural India, which has been affected more by the second wave than the first.
Unemployment
Data from the Centre for Monitoring Indian Economy (CMIE) show that unemployment rates in the country are slowly moving back to the record highs of June 2020 when there was a national lockdown.
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Service providers and manufacturers on both sides of the Atlantic are exhibiting robust rates of growth as the US and European economies escape the clutches of the pandemic.
While the labor market in the UK stirs to life, elevated coronavirus infections are damaging India’s. Japanese exporters, meanwhile, are benefiting from robust demand in other parts of the globe where recoveries are gaining strength.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
US
A measure of output at manufacturers and service providers advanced to a fresh record in May, underscoring solid demand that’s contributing to added inflationary pressures.