look news india
The urban unemployment rate fell to 6.6 per cent in the first quarter of the financial year 2024-25 (April-June).
In the last quarter, this rate was at a four-quarter high of 6.7 percent. This rate has fallen due to a decline in the male unemployment rate. On the other hand, the unemployment rate of women increased during the first quarter. The unemployment rate of women increased from 8.5 percent in the last quarter of FY 2023-24 to nine percent in the first quarter of FY 2024-25. That is, the unemployment rate of women increased by 0.5 percent in the first quarter. The data of the quarterly Periodic Labor Force Survey (PLFS) was released by the National Statistical Office (NSO). The urban unemployment rate under the Current Weekly Status (CWS) for men, which is determined on the basis of a seven-day reference period preceding the date of the activity status survey, was 5.8 percent during the quarter. This figure was 6.1 percent in the previous quarter. The survey also revealed that the unemployment rate among youth in the age group of 15 to 29 has also come down. This rate declined to 16.8 percent in the first quarter of 2024-25 from 17 percent in the previous quarter. These figures are very important for the age group of 15 to 29, as most people in this age group are entering the job market for the first time. And the figures for this age group are a reflection of the strength of the employment rate in the market. The labor force participation rate, which represents the rate of people working or seeking employment in the urban population, has declined marginally in the first quarter of 2024-25. This rate was 50.2 percent in the last quarter of 2023-24, which increased to 50.1 percent in the first quarter of 2024-25.
