Data released by the Center for Economic Monitoring of India (CMIE) on Monday showed that India’s unemployment rate in December hit a four-month high.
The unemployment rate rose from 7.0% in November to 7.9% in December, the highest level since 8.3% in August.
Following the increase in Omicron coronavirus variant cases in many states and restrictions on social distancing, economic activity and consumer confidence in this South Asian country have been hit.
Statistics show that the urban unemployment rate in December rose from 8.2% in the previous month to 9.3%, while the rural unemployment rate rose from 6.4% to 7.3%.
Many economists worry that Omicron’s variant may reverse the economic recovery in the previous quarter.
Since the government does not release monthly data, Mumbai-based CMIE unemployment data is closely watched by economists and policy makers.
Complete News Source : Hindustan Times
