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Unemployment In India At A 2-Year High: Report
According to a report by the Centre for Monitoring Indian Economy (CMIE), India's unemployment rate has risen to 6.9 percent for the month of October, the highest in two years.
It has estimated that the number of Indians employed in October 2018 was 397 million, which is 2.4 percent lower than the number in employed in the same month last year, that was estimated to be 407 million. The report suggests that only 39.5 percent of the adult population was employed in the month.
The report calculated the labour participation rate at 42.4 percent for the month of October. Labour participation rate is the percentage of adults that are willing to work. The rate was the lowest since January 2016. It was around 47 to 48 percent before demonetization. The participation rate that fell soon after the note ban, hasn't recovered yet, the report said.
The report further said that the number of unemployed people actively looking for jobs rose. In October, this year, 29.5 million unemployed individuals were actively looking for jobs in comparison to 21.6 million in the same month last year.
