Coronavirus lockdown impact: Weekly unemployment rate spikes to 27.1%, says CMIE
"Data for the first week of May indicates that the rate could climb further. This worsening should be expected as the lockdown continues to get prolonged," says Mahesh Vyas, CEO of CMIE
- May 4, 2020,
- Updated May 4, 2020 7:05 PM IST
India's unemployment rate shot up to 27.1 per cent in the week ended May 3 from 21.1 per cent in the preceding week, according to data released by the think-tank Centre for Monitoring Indian Economy (CMIE) on Monday. The rising unemployment comes as India continues to remain under lockdown due to coronavirus pandemic. This was the highest unemployment rate so far and the unemployment rate has risen because of a surge in the labour participation rate from 35.4 per cent in the week of April 21 to 36.2 per cent in the week ended May 3, Mahesh Vyas, Managing Director and CEO, Centre for Monitoring Indian Economy (CMIE), wrote in an article on Monday.
"The spike in the unemployment rate indicates that this surge in job seekers was highly disappointed. They could not find jobs. Their addition to the labour force merely raised the unemployment rate," Vyas said.
The unemployment rate in the month of April was 23.5 per cent, much higher than 8.7 per cent reported in the previous month.
India's unemployment rate shot up to 27.1 per cent in the week ended May 3 from 21.1 per cent in the preceding week, according to data released by the think-tank Centre for Monitoring Indian Economy (CMIE) on Monday. The rising unemployment comes as India continues to remain under lockdown due to coronavirus pandemic. This was the highest unemployment rate so far and the unemployment rate has risen because of a surge in the labour participation rate from 35.4 per cent in the week of April 21 to 36.2 per cent in the week ended May 3, Mahesh Vyas, Managing Director and CEO, Centre for Monitoring Indian Economy (CMIE), wrote in an article on Monday.
"The spike in the unemployment rate indicates that this surge in job seekers was highly disappointed. They could not find jobs. Their addition to the labour force merely raised the unemployment rate," Vyas said.
The unemployment rate in the month of April was 23.5 per cent, much higher than 8.7 per cent reported in the previous month.