Labour churns in March

The labour markets have been weak during the last quarter of 2022-23

Headline labour market metrics of March 2023 turned out to be disappointing. The unemployment rate climbed from 7.5 per cent in February 2023 to 7.8 per cent in March; the labour participation rate fell from 39.9 per cent to 39.8 per cent and the employment rate dropped from 36.9 per cent to 36.7 per cent in the same months.

India’s unemployment has remained elevated throughout 2022-23. Each of the quarters of the year had an unemployment rate of over 7 per cent. The average monthly unemployment rate during the fiscal was 7.6 per cent. The first half averaged at 7.4 per