Unemployment Rate Of India
Unemployment Rate in India: Although Indias unemployment rate has historically been high, it is predicted to rise in the next years. In fact, even if the nations economy continues to expand at a healthy clip, the Organization for Economic Cooperation and Development forecast that Indias jobless rate will quadruple from 4 per cent to 8 per cent by 2022.
From a 6% unemployment rate in 2017, Indias unemployment rate would climb to 8.3% by 2022. According to the estimate, over the next four years, 10 million more people will join the ranks of the unemployed, bringing the total to 220 million by 2022. The government also forecasts that there will be 1 million extra job vacancies over this time period, but it also expects that the number of jobs wont be sufficient to counteract the population expansion in general.
The Centre for Monitoring Indian Economy, a private organization , estimates that Indias unemployment rate will be 6.50% in September 2022. It is 7.70% in urban India whereas only 6.00% in rural India. Indias daily and the monthly unemployment rate is made public by CMIE.
States With The Highest Unemployment Rate In 2022
In terms of both December 2021’s monthly unemployment rate and the annual average for 2021, … California ranked as the state with the highest unemployment rate in the country.
The American economy and labor force has endured a wild ride over the past two years as the Covid-19 pandemic wreaked havoc on the country. Fortunately, according to the Bureau of Labor Statistics , December 2021 jobless rates are down in the vast majority of states, while payroll jobs are up in 17 states. However, many states still face daunting unemployment numbers amidst the good news for most states.
New Hampshire Unemployment Rate
New Hampshire has a long history as a manufacturing state, specifically with the production of paper and grain. As the use of mills began to decline over the 20th century, the Granite State turned to more traditional manufacturing. Although modern manufacturing has become far more high-tech, it still remains the biggest sector of New Hampshire’s economy.
- Unemployment Historic High/Low:
- Historic High: 16.2
- Historic Low: 2.0
- Current unemployment: 2.0
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South Dakota Unemployment Rate
Agricultural production is one of the most prominent sectors in the South Dakota economy, though most of the state’s workforce is actually employed in the service industry. At times the tourism industry in the Mount Rushmore State has been nearly equal to to the agriculture sector due to its many notable attractions, including that iconic carved mountain.
- Unemployment Historic High/Low:
- Historic High: 8.8
- Historic Low: 2.3
- Current unemployment: 2.3
Rhode Island Unemployment Rate
Following the American Revolution, Rhode Island had a prominent manufacturing sector. Deindustrialization eventually led to the decline of manufacturing, which was slowly replaced with a more service-based economy. Healthcare and social assistance is the dominant industry in Rhode Island.
- Unemployment Historic High/Low:
- Historic High: 18.4
- Historic Low: 2.7
- Current unemployment: 2.8
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A Strengthening Labor Market Brings Improvements For All Groups Though Disparities Remain
EPI analyzes state unemployment rates by race and ethnicity, and racial/ethnic unemployment rate gaps, on a quarterly basis to generate a sample size large enough to create reliable estimates of unemployment rates by race and ethnicity at the state level.
We report estimates only for states for which the sample size of these subgroups is large enough to create an accurate estimate. For this reason, the number of states included in our maps and data tables varies based on the analysis performed. The following analysis contains data on the first quarter of 2022 and the fourth quarter of 2021.
What Is The Global Unemployment Rate
The International Labor Organization forecasts the global unemployment rate for 2022 to be 5.9%. This is lower than the 6.6% and 6.2% rates witnessed in 2020 and 2021, respectively, but remains above 2019’s rate of 5.4%. Unemployment rates are closest to their pre-pandemic levels in high-income countries like the U.S., the U.K., and Canada, where unemployment is at or near historic lows.
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How Does A High Unemployment Rate Affect The Economy
High unemployment rates can have several negative effects on the economy, including an increased need for public assistance, a drop in consumer spending, and decreased productivity, leading to lower incomes.
If the unemployment rate rises, it can have a snowball effect. As people lose their jobs, they spend less, so the demand for goods and services decreases if this pattern persists, it can cause enormous damage to the economy.
An extreme example of how a high unemployment rate could damage the economy was the Great Depression, when the unemployment rate was estimated to have hit nearly 25%.
New York Unemployment Rate
If you’ve either visited the Big Apple or called it home, it’s easy to think everyone in the U.S. lives there. However, although NYC does have the largest population of any U.S. city, New York itself is only the fourth most populous state. Even so, many significant industries in N.Y.such as financial servicesare based primarily in the Big Apple. Regarding the latter, NYC is the home of Wall Street and the New York Stock Exchange, currently the world’s largest stock market.
- Unemployment Historic High/Low:
- Historic High: 16.5
- Historic Low: 3.7
- Current unemployment: 4.7
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What Is The Unemployment Rate
The unemployment rate measures how many people over the age of 16 are currently unemployed but are actively looking for work. People are no longer counted in the unemployment rate after four weeks of not seeking work. Unemployment data is gathered each month by the Census Bureau and the Bureau of Labor Statistics. The current unemployment rate for the month of December was 3.5%.
Unemployment Rates And Economic Strength
Having a low unemployment rate does not mean a country’s economy is particularly strong. For instance, Niger had only 0.8% unemployment in 2021, but its GDP per capita was $594.9 in 2021, according to the World Bank. Burundi had 1.8% unemployment in 2021 but a GDP per capita of $236.8 in 2021.
These countries have low unemployment figures in large part because their economies rely heavily on agriculture, which is labor-intensive but seasonal. Remember that the underemployed are still counted in employment figures. Even Laos, with a relatively healthy GDP per capita of $2,551.3 in 2021, still employed 61% of its workforce in agriculture in 2019.
How Are Unemployment Rates Determined
The unemployment rate is a percentage of the labor force that includes both employed and unemployed people over the age of 16. To be counted as part of the labor force, you have to have actively looked for a job within the last four weeks.
Using survey data from the Current Population Survey , also known as the household survey, the BLS calculates the unemployment rate by dividing the number of unemployed people by the total number of people in the labor force, then multiplying by 100 .
What Is Not Included In The Unemployment Rate
The unemployment rate only takes into consideration the labor force. The labor force consists of those individuals that are currently working and those that are not working but who are looking for work. If an individual has not been looking for work in the previous four weeks, they are not considered part of the labor force and do not factor into the unemployment rate.
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Current Unemployment Rate For India
As per the National Statistical Offices 16th Periodic Labour Force Survey, in the fiscal second quarter that ended on September 30, Indias unemployment rate for those who are 15 years of age or older and live in urban areas dropped from 9.8% to 7.2%, indicating a sustained recovery from the coronavirus pandemic that had left millions of people without jobs. From July to September, the unemployment rate for females in urban areas dropped from 11.6% to 9.4% and for males dropped from 9.3% to 6.6% a year ago.
According to recent CMIE statistics released in October 2022, it was predicted that among the Indian states, Rajasthan has the highest unemployment rate at 23.8%, followed by Jammu & Kashmir and Haryana . This is concerning because a high unemployment rate has a negative impact on workers and their families ability to support themselves because they have no other option than to rely on wages gained through employment.
Chhattisgarh has the lowest unemployment rate at 0.1%, followed by Assam and Uttarakhand .
This Is The State With The Highest Unemployment
The Bureau of Labor Statistics releases data on state unemployment levels each month. The most recent, STATE EMPLOYMENT AND UNEMPLOYMENT — APRIL 2021, showed the jobless level was lower in 12 states and the District of Columbia and stable in 38 states when compared to March. However, since April 2020 was the worst jobs month during the pandemic, 48 states and the District had unemployment rate decreases from a year earlier and two states were about the same. The unemployment rate nationwide for April was 6.1%
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How Does Unemployment Rate Affect Everyone
The unemployment rate, if high, suggests individuals are having a difficult time finding jobs. Unemployment can negatively affect the economy and households. Specially, purchasing power and disposable income will decline. This can put negative pressure on the economy and lead to consumer spending reductions and decreased output by companies.
Why Do State Unemployment Rates Vary So Immensely
The unemployment rate can vary among states for many reasons. It can be influenced by the types of industries prevalent in each state and how in-demand those industries are. For instance, states with large tourist and hospitality industries, such as California, saw their unemployment rates spike during Covid.
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Haryana Recorded The Highest Unemployment Rate At 374% While Odisha Recorded The Lowest At 09% Last Month Apart From Haryana Seven More States Reported Double
The latest data on the unemployment rate by the Centre for Monitoring Indian Economy showed that India’s joblessness rate was recorded at 8.30% in December, the highest in 16 months, as compared to 8.00% in November. While the urban unemployment rate had increased to 10.09% in December from 8.96% in the previous month, the rural unemployment rate slipped to 7.44% from 7.55%, the data on the CMIE website showed.
Haryana recorded the highest unemployment rate at 37.4%, while Odisha recorded the lowest at 0.9% last month. Apart from Haryana, seven more states reported double-digit unemployment rates including the national capital.
Top five states with the highest unemployment rates in December:
Top five states with the lowest unemployment rates in December:
Mahesh Vyas, managing director of the CMIE, said the rise in the unemployment rate was “not as bad as it may seem, as it came on top of a healthy increase in the labour participation rate, which shot up to 40.48% in December, the highest in 12 months, Reuters reported. “Most importantly, the employment rate has increased in December to 37.1%, which again is the highest since January 2022,” he told Reuters.
The unemployment rate had declined to 7.2% compared to 7.6% in the July-September quarter, according to separate data shared by the state-run National Statistical Office , released in November, Reuters report added.
Changes In Unemployment Rate By State
Septembers jobs report showed a slowdown in growth. The economy gained 263,000 nonfarm payroll jobs, down from 315,000 the previous month. In September, there were notable gains in sectors including health care and leisure and hospitality.
Now, the U.S. unemployment rate sits at 3.5%. We have come a long way from the nearly historic high of 14.7% in April 2020, due to a combination of vaccinations and states removing restrictions. However, inflation and the potential of a recession threaten to push the unemployment rate higher again if Federal Reserve rate increases are not able to stave them off.
In order to take stock of how unemployment rates are changing throughout the U.S., WalletHub compared the 50 states and the District of Columbia based on six key metrics that compare unemployment rate statistics from the latest month for which data is available to key dates in 2022, 2021, 2020 and 2019.
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Thompson Sworn In As New Georgia Labor Commissioner
Today, Bruce Thompson took an oath confirming his role as the tenth Commissioner of Labor for the state of Georgia. Commissioner Thompson most recently represented the 14th district in the Georgia State Senate before running for labor commissioner. A small business owner, Mr. Thompson will use his extensive legislative experience to head the Georgia Department of Labor where he intends to create an agency focused on transparency, responsiveness, and fiscal responsibility.
“I am humbled for the opportunity to lead the Georgia Department of Labor into the future,” said Commissioner Thompson. “I am committed to working alongside partners statewide to modernize and improve efficiencies within the department that help more Georgians get back to work.”
Commissioner Thompson’s goals for the department include lowering Georgia’s unemployment rate and supporting small businesses across the state. He also intends to revamp the unemployment insurance claims process, while providing high-quality, responsive, and universally accessible services that accommodate customer choice and exceed customer expectations. Thompson plans to use state-of-the-art technology that supports effective and efficient services while also working towards eliminating unemployment insurance fraud.
Commissioner Thompson lives in the Cartersville area with his wife of 25 years, Becky. Their son, Max, is currently a high school senior and their daughter, Faith, a Samford University graduate, resides in Alabama.
Which State Has The Highest Unemployment Rate
Based on the latest monthly jobs report from the BLS, that of December 2021, the state with the highest unemployment rate is California, with an unemployment rate of 6.5%. Looking at the annual average unemployment rate for 2021, California also ranks as the state with the highest unemployment rate at 7.7%, but its tied with Nevada and Hawaii, who both had annual average unemployment rates of 7.7% for 2021.
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Unemployment Rate In India Faqs
Q What is the current unemployment rate in India?
Ans. 6.56% is the current unemployment rate in India
Q What is the unemployment rate in India in 2022?
Ans. 7.6% is the unemployment rate in India in 2022
Q Is unemployment rate high in India?
Ans. The unemployment rate in metropolitan areas is often roughly 8% greater than that in rural areas, which is typically around 7%. In August, the unemployment rate in urban areas jumped to 9.6% and that in rural areas rose to 7.7%.
Q Which state is top in unemployment in India?
Ans. Haryana is top in unemployment state in India
Q Which country has highest unemployment?
Ans. South Africa has highest unemployment in the country
Q Is unemployment decreasing in India?
Ans. According to CMIE data, the jobless rate increased from 7.1% in May to 7.8% in June, jumping 1.4 percentage points to 8% in rural India while falling 0.9 percentage points to 7.3% in urban India, the lowest unemployment rate in India in 16 months.
Chart: States With Highest Unemployment Rates
The states with the next highest rates were Oregon, 12.0 percent South Carolina, 11.5 percent Rhode Island, 11.1 percent California, 11.0 percent North Carolina, 10.8 percent Nevada, 10.6 percent and Ohio, 10.2 percent.
The Rhode Island and South Carolina rates were the highest on record for those states. Georgia, at 9.3 percent, also posted a series high.
The national unemployment rate was 8.9 percent in April 2009.
This data is from the Local Area Unemployment Statistics program and are seasonally adjusted. More state unemployment statistics are available in “Regional and State Employment and Unemployment: April 2009” , news release USDL 09-0548.
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Unemployment Rate By State 2022
The unemployment rate is not only a measure of the economys strength but also a measure of the overall happiness and wellbeing of U.S. citizens. Long-term unemployment is a burden for many and can cause financial, emotional, and psychological ruin. A persons ability to provide for themselves and their family, pay their bills, and contribute to society are key factors in maintaining a happy life and cultural wellbeing.
There are three types of unemployment, all of which help explain why there is unemployment at a given time.
As of December 2019, the national unemployment rate is 3.6%. The unemployment rate varies between states, ranging from 2.30% to 6.10%. In general, the current unemployment rates in the states are lower than they were in 2018, with only a few exceptions.
Alaska has the highest unemployment rate of 6.10%. This, however, is lower than its 2018 unemployment rate of 7.30%. Alaska is in a statewide recession and has seen the fastest rate of job losses since 2015. The higher unemployment rates can be attributed to the seasonality of jobs, the natural frictional unemployment, and the population that lives a subsistence lifestyle.
Here are the 10 states with the highest unemployment rate: