According to the figures, the urban unemployment rate increased to 9.22% in April from 8.28% the previous month, while the rural jobless rate decreased to 7.18% from 7.29%.
The northern state of Haryana has the highest unemployment rate of 34.5%, followed by Rajasthan with 28.8%. Sluggish domestic demand and the slow rate of economic recovery amid rising costs, according to economists, have hurt job chances.
According to Shilan Shah, an economist at Capital Economics in Singapore, retail inflation hit a 17-month high of 6.95% in March and is expected to peak around 7.5% later this year. In June, he expects the central bank to raise the repo rate.
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Since the government does not disclose its own monthly estimates, economists and policymakers closely monitor the data from the Mumbai-based CMIE.
They’ve also been keeping an eye on the declining labor participation rate, which measures the proportion of persons working or looking for job among the working population. According to CMIE’s prior data, this fell to 39.5% in March 2022 from 43.7% in March 2019, as millions of people lost their employment during the epidemic.
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