India’s urban unemployment rate fell to 6.6 percent in the first quarter of FY24, from 6.8 percent in the previous January-March quarter of 2022-23, indicating continued improvement in labor markets. The results of the Periodic Labor Force Survey, released by the National Statistical Office (NSO) on Monday, show that the unemployment rate in current economic conditions for people above the age of 15 in the June quarter has increased five years since the NSO released India’s quarterly urban unemployment rate in December 2018. was the lowest recorded.
The unemployment rate in urban areas has continued to decline after recording a high of 12.6 percent in the Covid-affected April-June quarter of FY22. The unemployment rate among Pushos and Kreos was estimated at 5.9 percent and 9.1 percent, respectively, compared to 6 percent and 9.2 percent in the previous quarter. These numbers are also down from the April-June quarter of FY22, when they were estimated at 12.2 percent and 14.3 percent, respectively. Suchita Dutta, executive director of the Indian Staffing Federation, said that amid growth in demand across industries, projected growth in consumerism and ahead of the festive season, employment showed a positive trend in the first quarter of FY24. Sectors driving the shift in urban employment are mainly hospitality and banking, financial services and insurance, along with retail, logistics and e-commerce sectors. As these sectors continue to evolve hand-in-hand with technological advancements and changes in market dynamics, they also offer promising prospects for immediate and long-term employment prospects, she said.
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