Page 6 - Labour Market

Unemployment rate falls, but still too high

India, incidentally, was the fastest country to report the unemployment rate for the month of January 2023

Economic Survey: Labour markets, employment back to pre-pandemic levels

The Survey highlighted the measurement issues in calculating female LFPR

Labour markets, employment recover beyond pre-Covid level: Economic Survey

Labour markets and employment recovered beyond pre-Covid level with sustained effort in last few years, including world's largest vaccination drive in India, said the Economic Survey 2022-23. The document tabled in the Parliament on Tuesday said, "Labour markets have recovered beyond pre-Covid levels, in both urban and rural areas, as observed in supply-side and demand-side employment data." Quarterly urban employment data shows progress beyond pre-pandemic levels as the unemployment rate declined from 8.3 per cent in July-September 2019 to 7.2 per cent in July-September 2022. Reflecting rising formalisation of employment, net addition to EPFO payroll is steadily moving upward after swiftly rebounding from Covid-19, with the majority share coming from the youth. The net addition in EPF (employees' provident fund) subscriptions during FY22 was 58.7 per cent higher than in FY21 and 55.7 per cent higher than that in the pre-pandemic year 2019. Net average monthly subscribers added un

National Workers Convention resolves to give a call for strike by year end

The National Convention of Workers on Monday has resolved to give a call for nationwide strike in the end of this year to protest against issues including proposed implementation of labour codes, privatisation and disinvestment. The National Convention of Workers held on the martyrdom day of Rashtrapita Mahatma here in the capital, a statement said. The convention adopted the Declaration unanimously and resolved to resort to nationwide strike action in the end of the year, it stated. It stated that the government which failed on all fronts to deliver on the promises is now allowing the forces of communal hatred and polarization under various pretext to divert the united agitations of workers, farmers and other sections of the society from their pressing issues of livelihood and survival. The leaders of INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF, and UTUC among others participated in the convention. Quoting the latest Oxfam report, they explained about the growing ...

Dollar slips near 7-month low after US jobs data; labour market still tight

Fed fund futures now show investors believe the most likely outcome for the Fed's February meeting is for a 25-basis point increase

Canadian govt receives record 431,645 new permanent residents in 2022

In 2022, IRCC processed approximately 5.2 million applications for permanent residence, temporary residence and citizenship

In world economy this week: From China's Covid numbers to US job data

The govt's official PMI on Saturday showed that China's abrupt reversal of its Covid Zero policy pushed economic activity - its service sector in particular - to the slowest pace since February 2022

Initial jobless claims rise, signal softening market: US Labour Dept

Economists surveyed by The Wall Street Journal had predicted that new claims would increase 7,000 to 223,000, after claims grew 2,000 to 216,000 in the previous week, Xinhua news agency reported

Youth employment remains the Achilles' heel in the Indian labour market

Conditions improving, but high unemployment rate in 15-29 age group a challenge for policymakers

Consumer sentiments depressed in December

Like the labour market stress is concentrated in urban India, consumer sentiments have also soured essentially in urban India

PepsiCo to lay off 'hundreds of workers' at New York headquarters: Report

It is being done 'to simplify the organization so we can operate more efficiently', PepsiCo said in a memo to its employees

Six states report fewer formal jobs for youth in Sept qtr, shows EPFO data

Experts attribute drop to large-scale of migration; young from these states stand to earn significantly more, post migration, than they do by staying back

Britain nears bottom of the heap for economic growth potential: Economist

Potential output, a mixture of productivity and workforce growth, is a measure of how fast an economy can expand before generating inflation

Minorities face little bias in labour markets

The major religious minorities - Muslims and Christians - have withdrawn from the labour markets more than the majority faith. But again, the difference is not alarming

US jobs top forecasts, wages pick up in labor market despite Fed aggression

US employers added more jobs than expected in October while wages rose firmly, underscoring the resilience of the labor market despite the Federal Reserve's aggressive efforts to cool it down.

Trade unions urge Centre to scrap four labour codes, convene conference

Write to labour minister Bhupender Yadav stating that the codes curtail the rights and protective provisions contained in existing statutes, impose more derogatory working conditions on workers

Rural demand in India to rebound due to multiple factors: Morgan Stanley

A combination of factors like wider opening, improving labour market and terms of trade for the rural sector will result in rural demand to rebound in India, said Morgan Stanley on Wednesday

India's unemployment rate of 6.4% in September is the lowest in four years

It was rural India that made the bigger con­tri­bution to the turnaround in labour conditions

Demand for work under MGNREGA rises marginally in September: Report

Experts have said that with a dip in farm jobs, the demand for MGNREGA jobs may rise further

EPFO sees over 1 million new subscribers for fourth straight month

Though fresh additions slip sequentially in July, women enrolment at a record high