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Good news on the jobs front, unemployment rate at five-year low due to job growth

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The country’s urban unemployment figures have fallen to a five-year low. The unemployment rate among those aged 15 years and above in urban areas fell to 6.8 percent in the January-March quarter this year. The urban unemployment rate in 2022-23 was the lowest in all quarters since 2018-19.

The urban unemployment rate was 7.6 percent in April-June 2022

It was 8.2 percent in the year-ago quarter, according to data from the National Sample Survey Organization Office. The unemployment rate was the highest in the January-March quarter last year. The main reason for this was the covid-related constraints in the country. According to the survey, the unemployment rate was 7.2 percent in July-September and October-December last year. While in April-June 2022 it was 7.6 percent. According to the Labor Force Survey, the unemployment rate in urban areas was 7.6 percent in April-June 2022.

It has reduced unemployment

1. There was rapid growth in entry-level jobs.

2. Startup and fintech expansion in small towns.

3. Women are coming forward with permission to work from home.

4. Rapid spread of government schemes in rural areas

Women’s unemployment has decreased in urban areas

According to the data, the unemployment rate among women in urban areas fell to 9.2 percent in January-March 2023, from 10.1 percent a year ago. At the same time, the rate among men fell to 6 percent in the first quarter of this year, from 7.7 percent a year ago.