Unemployment Rate in India to 23.50 Percent in May 2020

Unemployment Rate in India to 23.50 Percent in May 2020

India's Unemployment Data has being released on behalf of the CMIE (Centre for Monitoring Indian Economy). The Nationwide lock down was imposed on 24th March, 2020 due to the impact of Covid-19. Many have lost their jobs because of this and it is being noted as a Recession Times.

Especially, there is unaccounted numbers on Workers in the Unorganized Sector will greatly affect the economy of the country. The aforementioned monitoring centre will only take into account the number of workers in the Organized Sector.

The Unemployment rate which was 8.75 Percent at the end of March 2020, reached it's peak level of 23.52 Percent in the month of April 2020 - A Complete Lock down was there. The Majority of small and marginal businesses are left without jobs, as migrants seek their home state for their livelihood.

India's Unemployment rate is also rising by the end of May 2020. The Unemployment rate was reported at 23.48 Percent last month. In the Urban area, the rate was said to be 25.80 Percent and in the Rural, it was 22.50 Percent for the month of May 2020.

For the past one year, the number of unemployed is higher in Urban area than in the Rural. In terms of States, Jharkhand has the highest rate of 59 Percent of unemployment across the country. 58.2 Percent in Puducherry and 46.2 Percent in Bihar for the last month.

Tamilnadu has a 33 Percent unemployment rate, where the Delhi had 45 Percent and Maharashtra registered with 16.5 Percent unemployment rate in the month of May 2020.

The Lowest unemployment rate were seen in Jammu & Kashmir is about 5 Percent, 8 Percent in Uttarakhand, 9.6 Percent in Odisha and 6 Percent in Meghalaya. The Country's unemployment rate stood at 20.19 Percent for the week ended May 31, 2020, as seen on a Weekly basis. This is about 4 Percent decrease compared to the previous week.

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