India’s December unemployment rate hits a four-month high of 7.9% -think tank

India’s December unemployment rate hits a four-month high of 7.9% -think tank

Job seekers attend a job fair organized by the Delhi state government employment department in New Delhi, India on January 21, 2019. REUTERS / Anushree Fadnavis

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NEW DELHI, Jan.3 (Reuters) – India’s unemployment rate hit a four-month high in December, data from the Center for Monitoring the Indian Economy (CMIE) showed on Monday.

The unemployment rate rose to 7.9% in December from 7.0% in November, its highest level since 8.3% in August.

Economic activity and consumer sentiment have taken a hit in the South Asian nation after an increase in cases of the Omicron coronavirus variant and social distancing restrictions in many states.

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The urban unemployment rate rose to 9.3% in December from 8.2% in the previous month, while the rural unemployment rate rose 7.3% from 6.4%, the data showed.

Many economists are concerned that the Omicron variant could reverse the economic recovery seen in the previous quarter.

Economists and policy makers closely follow the Mumbai-based CMIE data on unemployment, as the government does not release monthly figures.

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Report by Manoj Kumar; Editing by Himani Sarkar and Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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