CMIE Released Data of Unemployment Rate in India 2020

India’s urban unemployment rate climbs up to nearly 10%

• Urban unemployment crept up to 9.83% in August as against 9.15% in July, according to monthly unemployment data released by CMIE

• The overall national unemployment rate was at 8.35% in August as against 7.43% in July

India’s urban unemployment rate and overall joblessness climbed up in August, reflecting a worsening jobs' environment in the formal sector and saturation in the farm sector.

 

The urban unemployment in India crept up to 9.83% in August as against 9.15% in July, according to monthly unemployment data released Tuesday by the Center for Monitoring Indian Economy (CMIE). In other words, roughly one in every 10 people in urban areas cannot find work. Read Also: Moody's Survey about India's GDP

 

Similarly, the overall national unemployment rate was at 8.35% in August as against 7.43% in July. It may be slightly lower than March, when India was gradually getting gripped in the pandemic but is far higher in the pre-COVID months like February, January, and December, when the national joblessness rate was hovering between 7.22% and 7.76%. Read Also: Full list of Banned 118 Chinese Apps

Likewise, the rural unemployment rate in August increased to 7.65% as against 6.66% recorded in July. Among states, Haryana is the worst hit, with a whopping 33.5% unemployment rate in August, followed by Tripura (27.9%). Whereas Karnataka (0.5%) and Odisha (1.4%) were the better-off states in absorbing labor forces in August, CMIE data showed.

 

Economists and experts argued that it's worrisome as it comes in a month when most of the economic activities were permitted and believed that the continuous cut in jobs by companies and sub-optimal demand in a weak economic environment is aiding the employment crisis.

India’s gross domestic product (GDP) contracted by a historic 23.9% in the June quarter, and according to official data, some of the labor-intensive sectors contracted much higher in the April-June period. For example, the construction sector contracted by 50%, manufacturing by 39.3%, and trade, hotel, and transport segment fell by 47%.

 

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