India's youth unemployment rate stands at nearly 16% in Q3
What's the story
India's youth unemployment rate continued to be high at 15.9% in the third quarter of the year, according to the latest report by the Ministry of Statistics and Programme Implementation. The data was released in the February edition of India Jobs and Opportunity Tracker. Despite the high number, a decline was witnessed across both genders during this period.
Gender disparity
Female unemployment rate sees significant decline
The report highlighted a gender disparity in unemployment rates, with females experiencing higher rates than males (8.4% vs. 5.7%). However, it also noted a more substantial decrease in youth unemployment among females compared to males. This trend suggests an increasing shift toward an inclusive workspace in India's job market.
Market recovery
India's labor market conditions show improvement
The report also highlighted an improvement in India's labor market conditions in Q3 of 2024, after a slight slowdown in Q2. This was evidenced by the labor force participation rate and worker population ratio in urban India, both hitting record highs during this period. The study observed a strong correlation between changes in non-farm output and shifts in these labor market conditions.
Employment trends
Shift toward salaried employment observed in urban areas
The report further revealed that out of every 10 urban workers, five are salaried employees, four are self-employed, and one is a casual laborer. This data indicates a significant shift toward salaried employment among both male and female workers in urban areas. However, the study also noted that nominal wage growth has barely kept pace with inflation over the past six years.