Labour force participation rate hits 60.1%

RBI noted in a latest update that as per the latest periodic labour force survey (PLFS) report for 2023-24 (July-June), the labour force participation rates (LFPR) and worker population ratio (WPR) increased to 60.1 per cent and 58.2 per cent, respectively. The unemployment rate remained unchanged at 3.2 per cent in 2023-24 from the previous year. The overall LFPR increased in both rural and urban areas in 2023-24, driven by a rise in the female LFPR, which rose by 6.1 percentage points in rural areas and 2.6 percentage points in urban areas. Similar patterns were witnessed in the case of WPR.

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