Urban unemployment rate recorded decrease during September 2020
According to CMIE data, the urban unemployment rate has also decreased during September 2020. During this period, the urban unemployment rate has come down to 8.45 per cent from 9.83 per cent in August. However, CMIE says that there is no need to be very happy with this. In fact, CMIE says that other data for the weekly labor market for September are showing signs of worsening compared to August. The process of returning to track after the lockdown of the labor market in August came to a standstill.
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CMIE has released the data for the first three weeks of September on the unemployment rate. Accordingly, the National Unemployment Rate was 6.35 percent in the week ending 20 September. At the same time, the urban unemployment rate decreased to 8.83 percent during this period. The national unemployment rate increased to 6.67 percent in the monthly data for September. At the same time, the urban unemployment rate has come down to 8.45 percent with the improvement.
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Labor participation rate declines after 16 August
According to data released by the Center, the average Labor-Force Participation Rate (LPR) was 40.30 percent in 30 days on September 20, worse than August’s 40.96 percent. CMIE CEO Mahesh Vyas said that it started declining after August 16. The average LPR was mostly at 40.9 per cent from June to the middle of August. After this, the average fell to 40.45 percent by mid-September. The declining labor participation rate (LPR) suggests that a small part of the working population is employed or unemployed and is looking for employment.
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The worst period of employment came in April and May
According to CMIE, the decline in unemployment rate seen in recent weeks is meaningless and misleading in the face of falling labor participation rate and declining employment rate. The worst phase of employment came in April and May during the lockdown imposed throughout the country to stop the spread of corona virus. The unemployment rate stood at 23.52 percent in April 2020 and 21.7 percent in May. According to CMIE data, the urban unemployment rate during the same period was 25 percent in April and 23.14 percent in May.