Unemployment Rate In India Reaches Four Month High, according to CMIE Data

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The data released on Monday by The Centre for Monitoring Indian Economy (CMIE) indicates that India’s jobless rate reached a four-month high in December. With this development, the unemployment rate in our country has seen a surge of 0.9 percent.

According to CMIE data, India’s unemployment rate in December reached a four-month high of 7.9% which was 7.0 percent in November. As per the previous tally, the unemployment rate in August went high up to 8.3%. The state of the economy was getting better but after an increase in instances of the Omicron coronavirus variant and social distancing measures in many areas, the South Asian nation’s economy and consumer morale have taken a knock.

The data also shows that the urban unemployment rate rose to 9.3% in December from 8.2% the previous month, while the rural unemployment rate rose to 7.3 percent from 6.4 percent.

Many economists are concerned that the Omicron variant may reverse the economy’s recovery from the previous quarter. Economists and policymakers pay great attention to the CMIE data on unemployment because the government does not disclose monthly figures.

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