Study finds unemployment rate at 6.9%, a 2-year high
CHENNAI: Unemployment rate in the country rose to 6.9% in October, the highest in two years, according to the Centre for Monitoring Indian Economy. Worse still, the labour participation rate – a measure of the proportion of adults willing to work – fell to 42.4%, the lowest since January 2016, CMIE said.
“Labour participation rate fell sharply after demonetization”, from around 47-48%, “and it has still not recovered,” the CMIE study said.
“The small improvement in labour statistics seen in September turned out to be short-lived. October statistics point to a continuation of the deterioration in labour markets seen earlier,” the think-tank said.
The estimated number of persons employed during October 2018 at 397 million was 2.4% lower than the 407 million persons employed in October 2017. “This sharp fall in the employment rate in October is perhaps the most worrisome measure of the labour markets.” CMIE said in its bulletin.
The count of the unemployed persons actively looking for jobs almost doubled to 29.5 million in October 2018 from a low of 14 million in July 2017 (and 21.6 millon in Ocotber 2017), CMIE said.
Commenting on CMIE's latest unemployment data, Aditya Narayan Mishra, CEO, CIEL HR Services, said, "October-to-December is traditionally the job creation period across sectors in the Indian economy, and the mismatch between demand and supply of labour is hence worrying." Annually, almost 12 million people enter the country's labour markets and job creation hasn’t been robust enough to support this, he said.
He added the subdued performance of the country's core sectors such as power and infrastructure, coupled with inadequate lending by NBFCs could be a reason for the mismatch. "The IT industry has also not created much jobs in this period," he said.
Courtesy: timesofindia
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Himachal: Three killed, two injured as speeding car dashes against parked truck
Mandi (HP) (PTI): Three people were killed and two others sustained grievous injuries after a speeding car dashed against a stationary truck at Dadour near Nerchowk in Mandi district on Monday late at night, police said on Tuesday.
There were five people in the car when the tragedy struck. Three were declared dead in the hospital while two have been referred to AIIMS Bilaspur.
The deceased were identified as Anil Kumar (28), Rohit Kumar (26) and Subash Kumar (23), all residents of Mandi district, while the injured are Harish and Pankaj.
A case has been registered under relevant sections and investigations are underway, said Superintendent of Police (SP) Mandi Vinod Kumar.
He added that the bodies have been handed over to the family members of the deceased.
In a statement, Chief Minister Sukhvinder Singh Sukhu expressed grief over the loss of three lives in a road accident. He directed the district administration to ensure best possible treatment for the injured and wished them a speedy recovery.
