CMIE data says weekly unemployment rate down to 21.1% but 72 million people still out of jobs

Labour participation on the other hand reduced to 35.4 percent in week ended April 26, compared to 42.6 percent recorded in the week ended March 22, ahead of the lockdown

April 29, 2020 / 09:26 AM IST
Representative image (PTI)

Representative image (PTI)

There has been slight improvement in unemployment levels through the coronavirus lockdown, as per data from the Centre for Monitoring Indian Economy (CMIE).

As per CMIE data released on April 28, the unemployment for the week ended on April 26 stood at 21.1 percent, down from 26 percent in the week prior.

Labour participation on the other hand reduced to 35.4 percent in the week ended on April 26, compared to 42.6 percent recorded in the week ended March 22, ahead of the lockdown. As per this, at least 72 million individuals lost their jobs during the lockdown.

A country-wide lockdown was implemented from March 24 midnight till April 14 in its first phase. It was extended till May 3 by Prime Minister Narendra Modi. Certain relaxations were granted in areas with no new cases from April 20.

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A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

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Reports however state that the lockdown could continue till June, especially in cities such as Mumbai and Pune that have a large number of COVID-19 cases and hotspots.

CMIE especially noted that while unemployment has ranged between 21-26 percent during the entire lockdown period, labour participation has been consecutively falling. Labour force has also reduced from 434 million in March to 362 million in April.

CMIE defines unemployed as those willing to work but unable to find employment, as per this, as many as 85 million individuals are in desperate search for jobs amid the lockdown and this suggests that people were “highly vulnerable to a loss of livelihood caused by the national lockdown,” the CMIE said, as per a report in the Economic Times.

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Moneycontrol News
first published: Apr 29, 2020 09:24 am

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