BUSINESS

India’s unemployment rate touches four-month high, 7.9% recorded in December 2021: CMIE

The COVID-19 pandemic impacted a lot of businesses and companies, which led to an increase in the unemployment rates of many countries across the globe. According to recently published data, the unemployment rate in December 2021 was significantly high.

As per the latest data published by the Centre for Monitoring India Economy (CMIE), the unemployment rate in the country touched a four-month high in the December of 2021. The data shows that the unemployment rate was 7.9 percent last month.

CMIE recorded that the rate of unemployment rose significantly from November to December in 2021. The urban unemployment rate rose from 8.21 percent in November 2021 to 9.3 percent in December 2021, while the rural unemployment rate rose from 6.44 percent to 7.28 percent.

According to the data on CMIE’s official website, the overall unemployment rate in November 2021 was 7 percent while that in December 2021 was 7.9 percent, touching a four-month high. This is most likely due to the impacts of the COVID-19 pandemic.

The unemployment rate in India was at an all-time high in May 2021, during the peak of the second wave of the COVID-19 pandemic, when the rate touched 11.84 percent. The second wave took a major hit on several businesses and impacted unemployment severely.

The economic activity in South Asia has been hit due to the spread of the Omicron variant, which has led to the closure of many services once again. Lockdown-like restrictions in many countries are impacting the supply chain of many industries, as per media reports.

The estimated unemployment rate on January 2, 2022, is 7.8 percent, according to a 30-day moving average. The urban unemployment was as high as 9.2 percent in the country yesterday. The unemployment rates were the highest in Haryana, Rajasthan, and Jharkhand, standing at 34.1 percent, 27.1 percent, and 17.3 percent respectively.

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