India jobless rate at 6-month low on farm boost, CMIE data show

India’s jobless rate in July dropped to the lowest in six months as steady monsoon rains likely boosted agriculture activity in rural areas

Bloomberg
Published1 Aug 2022, 04:34 PM IST
The overall unemployment rate eased to 6.80% in July, from 7.80% in June that’s the lowest reading since 6.56% in January
The overall unemployment rate eased to 6.80% in July, from 7.80% in June that’s the lowest reading since 6.56% in January(Livemint)

India’s jobless rate in July dropped to the lowest in six months as steady monsoon rains likely boosted agriculture activity in rural areas.

The overall unemployment rate eased to 6.80% in July, from 7.80% in June. That’s the lowest reading since 6.56% in January, data from private research firm Centre for Monitoring Indian Economy Pvt. on Monday showed. 

The jobless rate in rural areas fell sharply to 6.14% in July, from 8.03% in the previous month, as monsoon rainfall was 9% above normal as of July 29. In June, rural unemployment increased as rains were below normal and patchy. 

Urban unemployment rate last month, however, climbed to 8.21% from 7.30% in June, suggesting that the latest data may offer only short-term relief for Asia’s third-largest economy striving to provide more jobs. Any adverse monsoon pattern in August could curtail farm jobs.

 

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