Source | www.financialexpress.com | FE Bureau
Led by salaried jobs, employment increased by 8.5 million in September to 406.2 million, the highest level since March 2020. However, it still remained slightly lower than the September 2019 level of 406.7 million.
Consequently, unemployment rate fell to 6.86% in September from 8.3% in August this year, but remained slightly higher than 6.68% recorded in September last year, CMIE’s consumer pyramids household survey revealed.
CMIE’s sample comprises over 1.79 lakh households and over 5.22 lakh members who are over 15 years old.
As per the survey, labour force participation rate increased from 40.5% in August to 40.7% in September and, importantly, the employment rate inched up from 37.2% to 37.9% in September this year.
Labour force participation rate is an age-specific proportion between persons either working or actively seeking work and the total population in working age group, usually 15 years and above. Unemployment rate is a ratio between persons who are not currently in job but are actively searching for one and the total labour force.