Realty And Agricultural Sector Is Boosting Market Post Second Wave
- ByAyushi Ray | August 2, 2021
The Realty and Agricultural sector is boosting market, post second wave. In both the secors, the labour force participation rate (LFPR) and employment rate improved by the end of July, which is being seen as a sign of hope. This revival was, however, mostly driven by the farm and real estate sectors. Contrarily, Mining and manufacturing sectors had to shed millions of jobs, while employment data in the services sector has stayed largely unchanged, showed monthly data accessed on Sunday from the Centre for Monitoring Indian Economy (CMIE). The only positive news is that the national unemployment rate which was 9.17% in June, reduced to 6.95 % in July. This number is lowest among the last four months. The urban unemployment rate for July at 8.3% and the rural joblessness rate of 6.34% were also at their four-month low. The July monthly LFPR was 40.17%, better than June’s 39.57%, and also the best in four months with the same number being recorded in March 2021.
A higher LFPR means more people are looking for employment and is indicative of the revival in the jobs market. Also, the employment rate in July climbed to 37.38%, which is also a four-month high. At present, throughout the country 399.38 million people are employed in the country, both in salaried and non-salaried jobs at the end of July. This is almost 16 million more than in June. However, most of these additions were from agriculture, which absorbed 163.25 million people or little over 11 million more than in June. This was followed by the realty and construction sector, which absorbed 5.5 million more people
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