India's Job Market Paints Grim Outlook As Unemployment Hits 7.8% In March
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

India’s labour markets deteriorated in March 2023, resulting in a rise in the unemployment rate to 7.8%, a three-month high.

What Happened? According to data from the Centre for Monitoring Indian Economy, the country’s unemployment rate surged to 8.30% in December 2022 but decreased to 7.14% in January and increased again to 7.45% in February.

The unemployment rate in urban areas was 8.4%, while in rural areas, it was 7.5% during March.

CMIE managing director Mahesh Vyas told PTI that “the effect of this is compounded by the simultaneous fall in the labour force participation rate, which fell from 39.9% to 39.8%.” Vyas also noted that employment fell from 409.9 million to 407.6 million, resulting in a fall in the employment rate from 36.9% in February to 36.7% in March.

See also: HAL Continues To Gain After Charting Record-Breaking FY23 Revenue Figures

Haryana had the highest unemployment rate among states at 26.8%, followed by Rajasthan at 26.4%, Jammu and Kashmir at 23%, Sikkim at 20.7%, Bihar at 17.6%, and Jharkhand at 17.5%.

In contrast, Uttarakhand and Chhattisgarh had the lowest unemployment rate at 0.8%, followed by Puducherry at 1.5%, Gujarat at 1.8%, Karnataka at 2.3%, and Meghalaya and Odisha at 2.6% each.

Rituparna Chakraborty, the co-founder of TeamLease Services, tells PTI that the unemployment data reflects a cautious mood in the current economic environment.

Read next: Is Olectra Greentech Share A Good Buy At Current Price?

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Macro Economic EventsEconomicsLabour marketUnemployment