Growing Job Blues

In 2023, India saw elevated unemployment rates, affecting both rural and urban areas. Historically, from 2017 to 2022, excluding the pandemic year of 2020, the unemployment rate remained below 8%. However, in 2023, it consistently exceeded this threshold, averaging 8.1%. Monthly rates, previously hovering between 7-8%, have recently shifted to the 8-9% range, indicating a new norm for India’s job market. Notably, urban unemployment rose from 8.5% in October to 9.3% in November, and further to 10.1% in December, matching levels seen a year ago.