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India's unemployment rate soars 7.14%

Since the beginning of July, the unemployment rate in urban India stayed below 9 percent while at the national level, it remained under 8 percent, said the Centre for Monitoring Indian Economy (CMIE) . The national joblessness rate climbed to 7.14 per cent in the past one week. 

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The national unemployment rate last week stood at 5.98 per cent, it explains. In urban India, where economic activities have largely opened up, the rate of unemployment has stayed below 9 per cent since the beginning of July, while it remained under 8 per cent at the national level.

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The CMIE, which tracks the labour market with proprietary tools, shows that urban unemployment continues to be higher than that in the rural at 8.03 per cent. However, the situation in the job market is continuing to be sticky as employment opportunities remain slim ever since the country was hit by another wave of the pandemic and closure of several units during the pandemic.  When compared to the pre-Covid March 2020 quarter India today faces a loss of a massive 19.6 million jobs, the CMIE figures stated.


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