India Unemployment Rate Rose In October Post Harvest Season, CMIE Data Shows
(Bloomberg) -- India's overall jobless rate climbed in October, led by a sharp rise in rural unemployment after the end of monsoon crop harvesting season, according to a private research firm.Â
The jobless rate rose to a two-month high of 7.77% last month, from a four-year low of 6.43% in September, data from the Centre for Monitoring Indian Economy Pvt. showed. Rural unemployment rate climbed to 8.04% from 5.84% in September, while urban jobless rate was at 7.21% compared to 7.7% a month before.
In India, monsoon crops are generally harvested between September and the middle of October. Winter crops sowing starts by November, resulting in a temporary rise in rural unemployment rate in the interim period. Rural unemployment rate was high even in the comparable year-ago period at 7.91%, only to fall sharply the following month to 6.41%.
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