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Nirmal Bang Report
Early data for January 2022 indicate that 59.4% indicators were in the positive territory on YoY basis, down from 65.6% in December 2021. However, final data for Dec-21 indicate that only 62% indicators were in the positive territory.
Around 72% indicators (where two-year compound annual growth rate can be calculated) were above the pre-pandemic level in Jan-22, up from 60% in Dec-21.
On a sequential basis, growth witnessed slowdown, with only 56.3% indicators in the positive territory in Jan-22, down from 78.1% in Dec-21. Final data for Dec-21 indicate 82% indicators in the positive territory.
Despite the third Covid-19 wave, urban and rural unemployment declined, which may be attributed, at least partially, to lower labour force participation.
Rural wage growth has been largely flat over the past few months. Rural wage growth stood at 5.3% YoY in Dec-21, marginally down from 5.4% in Nov-21.
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