What’s in the news?

• • The unemployment rate in India fell to 7.7 per cent in May due to a decline in the labour participation at 441.9 million, according to data released by private economic think tank CMIE.

• The unemployment rate represents the number of unemployed people as a percentage of the labor force (the labor force is the sum of the employed and unemployed).

• Unemployment rate in India among people aged 15 years and above fell to 7.7 per cent in May 2023, from 8.5 per cent in the previous month.
• The unemployment rate inched down as a consequence of a fall in the labour participation, which implies a fall in the number of people who entered the labour market in search of work.
• Compared to April, labour participation rate (LPR) fell by 1.1 percentage point to 39.6 per cent in May.
• Meanwhile, the decline in labour participation in May 2023 was considerably higher in rural India compared to urban India.
• There were around 147 million people in the urban labour force in April, which inched down to 142.5 million in May.
• Rural India also displayed a similar trend, posting a fall in both employment and unemployment numbers. The rural labour force reduced to 299.4 million in May from 306.5 million in the previous month.

https://economictimes.indiatimes.com/news/economy/indicators/unemployment-rate-falls-to-7-7-in-may-on-decline-in-labour-participation-cmie/articleshow/100903004.cms