Rural Unemployment Doubles To 14 Per Cent In One Week: CMIE Data

CMIE Unemployment Data: Rural unemployment is at a 50-week high,the last time it had touched a highwas duringthe week ended June 7, 2020.

Unemployment in rural areas spiralled to 14.34 per cent in the week ended May 16 from 7.29 per cent in the week ended May 9, according to the data released by the Centre for Monitoring Indian Economy (CMIE). In other words, it has doubled within a week. Rural unemployment is at a 50-week high, the last time it had touched a high was nearly a year ago, during the week ended June 7, 2020. Similarly, urban unemployment climbed to 14.71 per cent, three percentage points more than a week ago, while the national unemployment rate soared to 14.45 per cent from 8.67 per cent, underlining an acute job crisis amid the second Covid wave. According to the CMIE, the employment rate and labour force participation rate have come down significantly. At the all-India level, the employment rate has fallen to 34.67 per cent in the week ended May 16 from 37.72 per cent a week ago.