India’s Unemployment Rate Eases to 7.2% in July-September 2022: The urban unemployment rate for people aged 15 and up fell to 7.2% in July-September 2022, down from 9.8% the previous year, according to the National Statistical Office (NSO).
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About This Development:
India’s urban unemployment rate dropped for the fifth consecutive quarter in the July-September period of 2022-23 (FY23) to 7.2 per cent, according to the latest Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO).
The unemployment rate in current weekly status terms for all ages in the September quarter (second quarter or Q2) of FY23 is the lowest unemployment rate recorded in more than four years, from the time the NSO launched India’s first computer-based survey in April 2017.
Gender-Wise Distribution:
Men’s and women’s unemployment rates are predicted to be 6.6 and 9.4 percent, respectively. It has been showing continuous decline since the April-June quarter (first quarter, or Q1) of 2020-21, when it was estimated at 12.6 per cent.
The labour force participation rate in CWS (Current Weekly Status) in urban areas for people aged 15 and up grew to 47.9% in the July-September quarter of 2022, up from 46.9% the previous year. It was 47.5 per cent in April-June 2022.
What The Other Reports Are Saying:
The monthly data released by the Centre for Monitoring Indian Economy (CMIE), which conducts its own survey, had also shown that except August, India did well on the employment front in Q2, as the jobless rate remained below 7 per cent, although there was a divergence in the rural and urban labour markets.
The CMIE data had shown that the labour markets made a strong rebound in September, with the unemployment rate dropping to 6.4 per cent, from 8.3 per cent in August, which was the highest level in 12 months.
About NSO’s Periodic Labour Force Survey (PLFS):
NSO launched PLFS in April 2017. On the basis of PLFS, a quarterly bulletin is brought out giving estimates of labour force indicators namely unemployment rate, Worker Population Ratio (WPR), Labour Force Participation Rate (LFPR), distribution of workers by broad status in employment and industry of work in CWS.