Unemployment Rate Decreased In January–March 2024 (YoY)

Unemployment Rate Decreased In January–March 2024 (YoY)

The unemployment rate in urban areas for persons aged 15 and above has decreased to 6.7 per cent during the previous quarter

ANIUpdated: Thursday, May 16, 2024, 08:18 AM IST
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Unemployment rate declining In January–March 2024 | Representative

The unemployment rate in urban areas for persons aged 15 and above has decreased to 6.7 per cent during the previous quarter, January to March 2024, according to the Periodic Labour Force Survey quarterly bulletin (January to March 2024).

The unemployment rate was 6.8 per cent during the corresponding period last year. The data also highlighted that the female unemployment rate also decreased from 9.2 per cent in January - March last year to 8.5 per cent in January–March 2024.

The quarterly data of the Periodic Labour Force Survey released today shows an increase in the Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR) and a decrease in unemployment rates (UR) in urban areas.

According to the data by the Ministry of Statistics & Programme Implementation, the labor force participation rate in urban areas has also shown an increasing trend from 48.5 per cent to 50.2 per cent during the January–March 2024 period in comparison to the corresponding period last year.

In the same period, the female labor force participation rate in urban areas increased from 22.7 per cent to 25.6 per cent. The survey highlights an increasing trend in the worker population ratio for persons of age 15 years and older to 46.9 per cent from 45.2 per cent. The female worker population ratio in urban areas also rises from 20.6 per cent to 23.4 per cent during the survey period.

"The increased access to basic amenities such as piped drinking water under the Jal Jeevan Mission, clean cooking fuel under Ujjwala (no collecting or burning firewood), sanitation, etc. is freeing up women's time from domestic duties, enabling them to undertake work & employment opportunities.

The bulletin data corroborates the other high-frequency indicators showing the robust performance of the Indian economy," said Finance Minister Nirmala Sitharaman in a social media post.

The data further highlights that the worker population ratio (WPR) for persons aged 15 years and above increased from 45.2 per cent in January-March 2023 to 46.9 per cent in January–March 2024.

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