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

The Survey highlighted the measurement issues in calculating female LFPR

The labour markets have recovered to pre-pandemic levels in both the urban and rural areas, as seen from the supply-side and demand-side employment data given in the Economic Survey 2022-23, which was tabled by Finance Minister Nirmala Sitharaman in Parliament on Tuesday.

Depicting the supply-side situation of the labour market, the Periodic Labour Force Survey 2020-21 conducted by the National Statistics Office notes that the rate of unemployment fell from 5.8 per cent in 2018-19 (FY19) to 4.2 per cent in 2020-21 (FY21), whereas the labour force participation rate (LFPR) also improved for both males and females.

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