Data released by Ministry of StatisticsAnd program implementation showed that the unemployment rate slowed to 6.6% in the three months to July-September, down from 7.2% recorded in the earlier period the same year. It was 6.6% in the April-June quarter of the current financial year.
The men’s unemployment rate was 6.0% in July-September, down from 6.6% in the same three-month period a year earlier and slightly higher than the 5.9% recorded in the April-June quarter. For women, the rate slowed to 8.6% from 9.4% in July-September 2022 and down from 9.1% in the April-June quarter of this year.
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Periodic Labor Force Survey (PLFS) Data showed that the unemployment rate has steadily slowed since the economy opened up following the COVID-19 pandemic, prompting authorities to impose tighter restrictions. As economic activity has picked up, the unemployment rate has slowed significantly. The annual data release ahead of the release had revealed that the country’s unemployment rate fell to a six-year low in the July 2022-June 2023 period as employment opportunities improved after pandemic-induced restrictions hit jobs.
The labor force participation rate (LFPR) in urban areas increased to 49.3% in the July-September period, higher than 47.9% in the previous period of the same year and higher than 48.8% recorded in the previous three-month period till June. . LFPR is defined as the percentage of persons in the labor force (working or looking for work or available) in the population.
The Statistics Office launched the PLFS in 2017 with the objective of estimating key employment and unemployment indicators (Worker Population Ratio, Labor Force Participation Rate, Unemployment Rate) in a short time interval of three months for urban areas in the ‘Current Weekly’. Situation’ (CWS) and also examines employment and unemployment indicators in both ‘General Situation’ (PS+SS) and CWS in both rural and urban areas annually.
(TagstoTranslate)Business News(T)Urban Unemployment(T)Fall in Unemployment(T)September Quarter(T)PLFS(T)Ministry of Statistics