Rising unemployment adds to the Covid pain
Surabhi
Mumbai |
Updated on
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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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Unemployment rises to 14.5% in May, highest since last year s lockdown
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Synopsis
CMIE data shows that the consumer sentiment index dipped further by 1.5% for the fifth consecutive week with the cumulative index down by 9.1% since the last week of March. In April 2021, the index of consumer sentiment was nearly 49% lower than it was in 2019-20. In April 2020, it was nearly 57% lower than the 2019-20 average.
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The unemployment rate shot up to 14.5% in the week ended May 16, 2021, the highest in the last one year, compared to 8% in April, the Centre for Monitoring Indian Economy said. The unemployment rate had stood at over 23% in April and May 2020 during the nationwide lockdown.