Unemployment rate soars to 8.5%, highest in over 3 years

Amid the ongoing slowdown in the economy, the joblessness rate in October rose to the highest since August 2016, the Centre for Monitoring Indian Economy (CMIE)on Friday showed. The unemployment rate is up from 7.2 per cent in September this year, the data also showed. While the urban unemployment rate was recorded at 8.9 per cent, rural rate came at 8.3 per cent, the CMIE data also showed. It comes as the output of eight core industries contracts 5.2 per cent in September from the years. Seven of eight sectors witnessed negative growth, according to official data released on Thursday.

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