A V-shaped unemployment rate

The V-shape pattern of the unemployment rate holds true for both, urban and rural unemployment rates

Weekly estimates of the unemployment rate had given a preview of the rising unemployment rates in August 2019. These had bounced between 8 and 9 per cent compared to 7-8 per cent range observed in July. August 2019 finally ended with an unemployment rate of 8.4 per cent. This is the highest since September 2016.

The unemployment rate has been rising more or less steadily for a long time now. What does this rising rate tell us?

Over the past three years, the unemployment rate time-series forms a skewed V-shape -- of a sharp initial fall from September 2016 till