India’s unemployment rate rises to 8.5% in October-the highest since August 2016

unemployment

The weekly unemployment rate in the country stood between 8 and 9 per cent in August 2019, as compared to 7-8 per cent range observed in July, CMIE reports states.

NEW DELHI: The shocking revelation came when Center for Monitoring Indian Economy report stated India’s unemployment rate rose to 8.5 per cent in October the highest since August 2016, and up from 7.2 per cent in September reflecting the impact of a slowdown in the economy.

The country’s infrastructure output fell 5.2 per cent in September from a year earlier, the worst performance in years, government data showed on Thursday. The industrial output shrank at its fastest rate in more than six years in August.

The weekly unemployment rate in the country stood between 8 and 9 per cent in August 2019, as compared to 7-8 per cent range observed in July, CMIE reports states. The agency noted that the unemployment rate has hit the highest level since September.

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“Investment conditions have been weak. New investments into large and modern enterprises are important to absorb the rising working-age population into the labour markets. However, data from the annual financial statements of companies and from announcements by entrepreneurs do not show any pick-up in investments. Growth in good quality jobs is therefore very poor,” the report state in September.

According to CMIE, if labour continues to face a rising unemployment rate, and poor employment opportunities, it may start getting discouraged from entering the labour markets.


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