India’s jobless rate is above 23 percent in the coronavirus lockout, survey reveals.
India’s unemployment rate may have risen to more than 20% as the economy lost jobs after a nationwide lockout took place in the last week of March, according to a survey by the Center for Indian Economic Monitoring Pvt. The unemployment rate was 23.4% for the week ended April 5 based on a sample size of 9,429 observations, according to Mahesh Vyas, Chief Executive Officer of CMIE. After suspending their daily survey in the last week of March, the private sector research community relied on telephone interviews.
For the entire month of March, CMIE projected the unemployment rate to be 8.7% compared to 7.8% in February.
“The labour statistics for March 2020 are alarming,” Vyas said. “There are very large variations and are subject to the normal errors in sampling. It may therefore not be so prudent to concentrate on the scale of such changes, but on the certainty of changes. “It is clear that there has been a substantial decrease in jobs and that there has been a large rise in unemployment in March 2020, according to CMIE, whose estimated sample size for monthly estimates is more than 117,000 individuals.
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