India's unemployment rate jumps to five-week high; rural unemployment worsens
New Delhi/IBNS: India's overall employment rate reached a five-week high while the rural unemployment jumped to an eight-week high as the crop sowing season has come to an end and states have imposed micro lockdown in many places to curb Covid-19 spread.
The overall unemployment rate touched 8.67% in the week ended Aug 9 as against 7.19% in the week ended Aug 2, data released from data from the Centre of Monitoring Indian Economy (CMIE) showed.
This is the highest unemployment rate since July 12 and more than the overall monthly joblessness of 7.43% recorded in July.
The rural unemployment also presented a grim picture as it jumped two percentage points in the week ended Aug 9 to 8.37%, the highest in the last eight weeks. This was 6.47% last week.
The rise in rural unemployment is mainly due to heavy monsoon, and the end of the crop sowing season, among other reasons.
The rural unemployment rate was higher than this in the week to 14 June at 10.96%, according to CMIE data.
Urban unemployment rate, which was showing signs of recovery, shot up to 9.31% in the week to August 9 as against 8.73% in the previous week.
The July monthly urban unemployment rate was 9.15%, CMIE data showed.