Employment Improves Marginally In First 3 Weeks Of December: Think-Tank

There was a likely marginal improvement in aggregate employment in the first three weeks of December, compared with the previous month, according to private think-tank the Centre for Monitoring Indian Economy (CMIE) that analyses economic indicators. The estimates on aggregate employment — or the average rate of job growth — offer yet another sign of green shoots in the economy, which contracted at a better-than-estimated 7.5 per cent in the July-September period, following a record 23.9 per cent slump in the previous quarter.

The data highlights that December is on track to become the first month showing improvement in employment following two straight months of a gradual decline, said CMIE’s managing director Mahesh Vyas in a column in Business Standard.

The CMIE data comes at a time when a new strain of coronavirus in the UK is forcing investors globally to weigh the prospect of a fast recovery from the pandemic.

“Unless there is a big surprise in the last 10 days of December, it is likely that employment could close at 394 million in December 2020,” according to Mr Vyas, who also said the economy is likely to contract at a marginally lower pace compared to the September quarter.

Source: NDTV

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