Key industrial states report high unemployment rate: CMIE

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New Delhi, Oct 18 | Two of the country’s prominent manufacturing centres registered joblessness in high double digits in September even though economic revival and demand resurrection were resulting in more jobs being created in various sectors.

According to the data for September released by the Centre for Monitoring Indian Economy (CMIE), the states of Haryana and Rajasthan topped the list of prominent Indian industrial states where unemployment rate in the month remained in high double digits at 20.3 per cent and 17.9 per cent, respectively.

The two states are important industrial hubs with the presence of several automobile and auto component companies, including prominent multi-national corporations. High unemployment rates in these states indicate that the so called national level economic recovery and demand resurrection has not yet reached various industrial segments that are still struggling to grow their businesses.

Interestingly, both the states had even higher unemployment in August at 35.7 per cent in Haryana and 26.7 per cent in Rajasthan.

As per CMIE data, apart from the two prominent states, Bihar, Delhi, Jammu and Kashmir, Puducherry and Tripura reported unemployment rate in double digits in September, while the national average for the month fell to 6.86 per cent from 8.32 per cent in the previous month.

What is worrisome is that in states such as Delhi, unemployment rate rose for the fourth consecutive month. Even in J&K, Himachal Pradesh, Punjab, Puducherry and Tamil Nadu, the unemployment rate in September was higher than the previous month.

The job market has created a worrisome scenario in the country since the outbreak of the Covid-19 pandemic last year.

In 2020, the national unemployment rate had shot up to over 20 per cent level. Even last month’s 6.86 per cent level presented a difficult situation for a labour-intensive economy like India. What is more worrisome is that urban unemployment rate is still higher than the national average at over 8.62 per cent, as per CMIE.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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