Unemployment rate in the country rose in October on the back of a sharp increase in the rural joblessness rate after the kharif harvest season, according to the Centre for Monitoring Indian Economy (CMIE).
The October month’s trend thus reversed the decline in unemployment rate noticed in the previous month, data showed.
The unemployment rate rose to 7.77 percent in October from a four-year low of 6.43 percent in September. The rural unemployment rate jumped to 8.04 percent from 5.84 percent in September, while the urban joblessness rate eased to 7.21 percent from 7.7 percent in the previous month.
Kharif crops sown at the beginning of the monsoon season are harvested be-tween September and the first half of October, which led to a dip in October in rural employment, before it picks up in November when sowing for winter crops begins. In November 2021, the rural unemployment rate had fallen sharply to 6.41 percent from 7.91 percent in the previous month.
Meanwhile, companies in the manufacturing sector in India projected a strong hiring outlook for the October-December quarter with 57 percent of the employers keen to increase their talent pool during the period, according to a survey by TeamLease Services.
The overall intent to hire, across manufacturing and services sectors combined, has increased from 61% in Q2 to 65% in Q3 and is projected to cross 70% in the next few quarters, according to the “Employment Outlook Report” for Q3.
Separately, the S&P Global India Manufacturing Purchasing Managers Index (PMI) showed that job creation in October grew at the fastest pace in three years, with manufacturers optimistic about demand buoyancy going forward.
Data by retirement fund body EPFO had showed that it added 1.69 million new subscribers in August 2022, registering a 14.4 percent increase compared to the year-ago period.
The provisional payroll data of the Employees’ Provident Fund Organisation (EPFO) highlighted that of the total 1.69 million members added during August 2022, around 0.99 million have come under the ambit of the EPFO for the first time. Of this, approximately 58.32% were in the age group of 18-25 years.
