Jobless rate lowest in 7 weeks

By: |
September 14, 2021 3:45 AM

The employment scenario has been rather volatile in recent weeks. Unlike the reporting week when urban unemployment rate increased and rural rate declined over the previous week; in the week ended September 5, urban unemployment rate fell, but rural unemployment rate inched up, though only a trifle.

jobsThe employment scenario has been rather volatile in recent weeks.

The unemployment rate fell to its lowest in seven weeks to 7.35% on a 211 basis points decline in rural joblessness to 6.51% for the week ended September 12, 2021, over the previous week, data compiled by the CMIE showed. Urban joblessness, however, rose a bit to 9.2% for the week ended September 12 from 8.92% a week earlier.

The employment scenario has been rather volatile in recent weeks. Unlike the reporting week when urban unemployment rate increased and rural rate declined over the previous week; in the week ended September 5, urban unemployment rate fell, but rural unemployment rate inched up, though only a trifle.

The unemployment rate reached its recent peak to 14.73% for the week ended on May 23. As the impact of the virus ebbed and restrictions on mobility eased, overall unemployment rate started declining. In recent times, the rate was the lowest at 5.98% for the week ended July 18. In August 2021, the monthly unemployment rate increased to 8.3% from 7 % in July. The employment rate dropped from 37.4% in July to 37.2% in August and employment in absolute terms shrunk from 399.7 million in July to 397.8 million. On a net basis, 1.9 million jobs were lost during the month and most of the jobs lost were essentially in farm jobs.

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