What is the key finding about India's urban jobless rate in Q3FY24, according to the Periodic Labour Force Survey (PLFS) data?

Solution

•     According to the the Periodic Labour Force Survey (PLFS) data, released by the National Statistical Office, the jobless rate in urban India marginally declined further in Q3 (October-December) of FY24 to 6.5 per cent from 6.6 per cent in the preceding quarter, thus reflecting continued improvement in the labour markets. •     The jobless rate in urban areas has been steadily declining since the high of 12.6 per cent recorded in the Covid-affected April-June quarter of FY22. •     While the unemployment rate among women stagnated at 8.6 per cent during the quarter, the jobless rate among men declined to 5.8 per cent from 6 per cent in the previous quarter. •     The unemployment rate for the young (15-29) declined sharply to 16.5 per cent in Q3 from 17.3 per cent in Q2. •     The latest quarterly survey also showed the labour force participation rate (LFPR), which represents the percentage of people either working or seeking work in urban areas, saw a marginal increase to 49.9 per cent in the December quarter from 49.3 per cent in the September quarter.