Since May 2020 after the relaxation in the lockdown induced by the deadly coronavirus employment in the month of October 2020 fell for the first time. In spite of demand of Human resources the employment in the country fell by 0.55 million in October. The previous months reports 3.16 crore employment in May, 6.32 crore in June, 1.53 crore in July, and the growth continues till September 2020. With increase in demand for employment, even the small number in surprised the market. The count of the unemployed who was willing to work increased by 1.2 crore in October.
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“October 2020 is the first month since the recovery began in May that has recorded a fall in employment,” said the CMIE in its weekly analysis of the labour market for the week ended November 1. “This fall in employment came when demand for employment was rising. The count of the unemployed who were willing to work increased by 12 million in October,” said the Centre for Monitoring Indian Economy. The employment landscape did not show any improvement even the month being festival month, Kharif- and crop harvest month and few states witnessing the elections. According to CMIE, the employment rate in the country fell to 37.8% in October compared to 38% in September. “This is an outcome of a combination of a stagnant labour participation rate and an increase in the unemployment rate,” the report said.
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The data says employment rate is falling since 2016-17. “If this trend were to continue, 2020-21 would see another fall of about one percentage point in the employment rate even if there was no lockdown,” it said, adding that the 156 basis points fall seen so far in the year is a much bigger fall than can be explained, prima facie, by the falling trend. “The momentum to bridge this large gap seems to have been exhausted,” explains the CMIE. The fourth week of October show better improvement than the previous three weeks and the labour participation rate increased smartly. And the week ended November 1 saw a comparatively healthier employment rate.
