India’s unemployment rate declines – Here’s The Report
India’s unemployment rate in Urban Areas Drops To 6.7%.
India’s unemployment rate declines to 6.7 per cent in urban areas in March quarter: Survey
The residents who were 15 years (and above) in urban areas that were previously affected by unemployment reduced to 6.7% in the January-March period, from 6.8%during the previous year the same period, as per NSSO – National Sample Survey report.
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Stagnation in wages, joblessness, and income inequality are some of the factors attributed to unemployment.The unemployment rate’s is the percentage of the population who are looking for the job within a specific timeframe but still remain without it.
Through the first quarter of March FY23 unemployment rate was 6.8%. It was recorded 6.6% in April-June, also the same in the third quarter (July-September 2023) of the previous fiscal. It was 6.5 per cent in October-December 2023.
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According to the 22nd Periodic Labour Force Survey (PLFS), the unemployment rate for those aged 15 and over in urban areas from January to March 2024 was 6.7%. Additionally, it demonstrated that the unemployment rate for women in urban areas who are 15 years of age and older dropped from 9.2% to 8.5% between January and March of 2024.
Male unemployment in metropolitan areas increased to 6.1% in January–March 2024 from 6% in the same period the previous year. The percentages were 5.9% from April to June 2023, 6% from July to September 2023, and 5.8% from October to December 2023.
The rate of labor force participation for individuals aged 15 and over in metropolitan areas under Current Weekly Status (CWS) rose from 48.5% to 50.2% between January and March 2024.The term “labor force” describes the segment of the population that provides labor or proposes to provide labor in order to pursue economic activities for the creation of goods and services. This segment include both employed and unemployed individuals.
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