India’s unemployment rate has risen steadily since September and crossed 9% on a 30-day moving average basis on 19 December, reports The Indian Express, citing data published by the Centre for Monitoring Indian Economy (CMIE). This is the highest level of joblessness in the country since the pandemic. On 19 December, all-India CMIE unemployment rate based on the 30-day moving average was 9.11%. It shot up to 8% in November, its highest level since August, when it had touched 8.28%. The rate stood at 6.43% in September and 7.77% in October.

Separately, payroll data released by the EPFO (Employees' Provident Fund Organisation) also indicated a slowdown in the formal sector job creation, signalling a slowing of economic momentum of late. Labour market experts say even as more people are entering the workforce, availability of jobs is not keeping pace with it.