The Periodic Labour Force Survey showed that the
unemployment rate among persons of 15 years or above has declined to 4.9 per
cent in calendar year 2024 compared to 5 per cent in the previous year,
suggesting slight improvements in employment opportunities. The survey revealed
a marginal decline in overall unemployment from 4.3 per cent to 4.2 per cent in
rural areas with slight reductions for both men and women. The survey also
revealed that the urban male unemployment rose to 6.1 per cent from 6.0 per cent,
though the female unemployment declined to 8.2 per cent from 8.9 per cent which
kept the overall urban rate stable at 6.7 per cent.
As per the survey, the percentage of 'helpers in Household
Enterprises' decreased from 19.9 per cent to 18.1 per cent from 2023 to 2024
which seems have contributed to the drop in WPR (workers population ratio) as
well as LFPR (labour force participation ratio) among rural females. The data
has indicated a slight improvement across all categories, particularly in the
overall WPR which rose to 47.6% from 47.0% in Urban areas, while the overall
LFPR remained constant at 56.2 per cent, despite minor variations across
categories.
The survey showed that the LFPR in India, under Principal
and Subsidiary Status (PS+SS), remained largely stable between 2023 and 2024,
though there were some variations across rural and urban areas. Under the PS+SS
approach, if a person has engaged in any economic activity for a period of 30
days or more during the preceding 365 days a person is considered as employed.
At the national level, the overall LFPR remained nearly unchanged with a
marginal decline from 59.8 per cent to 59.6 per cent, while WPR recorded a
marginal decline from 58.0 per cent to 57.7 per cent, indicating a slight drop
in employment despite stable participation rates. Meanwhile, the Unemployment
rates showed mixed trends across different sectors. The unemployment rates
recorded a minor increase from 3.1 per cent to 3.2 per cent at the all-India,
though the levels remain relatively low.
Source: Ace Equity
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