A downward trend in unemployment rate has been observed in the country. The unemployment rate for persons aged 15 years and above in urban areas of India declined to 6.7 per cent during January-March 2024 from 6.8 per cent in the same period last year, showing a sustained improvement. This was revealed by the Periodic Labor Force Survey (PLFS) data released by the National Statistical Office (NSO) on Wednesday. According to IANS news, data shows that the female unemployment rate in urban areas decreased from 9.2 percent in January-March 2023 to 8.5 percent in January-March 2024.
Female worker population ratio increased in urban areas
According to the news, the worker population ratio (WPR) for persons aged 15 years and above has also seen a trend of increasing from 45.2 percent in January-March 2023 to 46.9 percent in January-March 2024. The figure also reflects growth in employment, as WPR is defined as the percentage of employed persons in the population. Similarly, the female worker population ratio in urban areas increased from 20.6 per cent to 23.4 per cent from January-March 2023 to January-March 2024, showing an overall increasing trend in the WPR.
Job market improvement
The labor force participation rate (LFPR) in urban areas for persons aged 15 years and above has increased from 48.5 per cent during January-March 2023 to 50.2 per cent in January-March 2024. It also reflects improvements in the job market. In January this year, the unemployment rate was recorded the lowest in the last 16 months. However, the unemployment rate among youth aged 20 to 30 years registered an increase in the October-December quarter of 2023.
According to Forbes, the unemployment rate among youth aged 20 to 24 increased to 44.49 percent, which was 43.65 percent in the July-September quarter. Similarly, the unemployment rate among youth aged 25 to 29 increased to 14.33 percent in the October-December quarter of 2023, from 13.35 percent in the previous quarter.
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