India's Unemployment Rate Hits One-Year Low in September

• 05 Oct 2023

India's unemployment rate reached a one-year low in September, showing a decline in joblessness even in rural areas despite a weak monsoon season.

Key Points

• Overall Unemployment Rate: Data from the private research firm reveals that India's overall unemployment rate decreased to 7.09% in September, down from 8.10% in August.
• Rural Unemployment: Rural areas experienced a decline in unemployment, with the rate dropping to 6.20% in September compared to 7.11% in August.
• Urban Unemployment: Urban areas also witnessed a decrease in unemployment, with the rate falling to 8.94% in September from 10.09% in the preceding month.
• Monsoon Rainfall: India had its weakest monsoon rains in five years, with June-September rainfall approximately 6% below the long-term average.
• Agricultural Resilience: Despite the weak monsoon, agricultural activity in the country remained largely unaffected.
• Urban Joblessness Dip: Urban joblessness saw a decline in anticipation of the upcoming festival season in India.
• Festival Season Hiring: Employers typically increase hiring, especially in the gig and contract employment sectors, in preparation for Diwali celebrations.