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The number of employed in March was estimated at 48.58 million—an increase of 1.61 million from the 46.98 million employed in March last year.
The unemployment rate during the month dropped to 4.7 per cent from 5.8 per cent in March last year and 4.8 per cent in February 2023.
The labour force participation rate (LFPR) was registered at 66 per cent in March this year—higher than the 65.4 per cent LFPR in March last year, but lower than the 66.6 per cent reported in February this year.
Underemployment rate in March went down to 11.2 per cent from 15.8 per cent in the same month last year and 12.9 per cent in February. This was the lowest unemployment rate reported since April 2005.
The average weekly hours worked by an employed person in March this year was estimated at 40 hours per week—slightly lower than the average weekly hours worked in March last year at 40.6 hours but higher than the 39.5 hours estimate of February.
The year-on-year increase in employment was driven by services and industry sectors. The industry sector accounted for 17.5 per cent of the total employed persons.
Fibre2Fashion News Desk (DS)