India’s unemployment fell from a three-year high in August as rural India employed more labourers in the agricultural sector. The unemployment rate fell to 7.2 percent in September from 8.2 percent in August, according to data released by the Centre for Monitoring Indian Economy Pvt. Ltd. At the same time, the labour force increased to 44.1 crore in September from 43.9 crore in August. A year ago, the labor force stood at 43.1 crore.
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The employment rate increased from 39.5 percent to 40.1 percent during the one-month period. “The drop in September is very welcome given that the unemployment rate has been rising sharply for several months now. Equally important or more important than that is the labor force participation rate. This is a number that should be tracked as closely s the unemployment rate,” Mahesh Vyas, managing director and chief executive officer of CMIE, told BloombergQuint in an interview.
Source: Bloomberg Quint
