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Nearly 5.5 lakh jobs lost in October 2020, first sharp spike in jobless rate since recovery began in May: CMIE

October 2020 is the first month that has recorded a fall in employment since May 2020, CMIE said.

November 06, 2020 / 11:21 PM IST

Even as India continues to recover from the fallout of coronavirus pandemic, 5.5 lakh jobs were lost in October. This is the first time since May 2020 that the unemployment rate has increased.

"October 2020 is the first month since the recovery began in May that has recorded a fall in employment. It fell from 38 percent in September to 37.8 percent in October," the Centre for Monitoring Indian Economy (CMIE) said.

"This fall of 1.56 percentage points is not entirely extraordinary as it is likely to reflect a trend of falling employment rates independent of the lockdown," it added.

The unemployment rate had fallen to 6.67 percent in September from 8.35 percent in August, according to CMIE data.