India’s unemployment rate surges to 16-month high

Bloomberg

India’s unemployment rate rose to a 16-month high in December as job creation in the slowing economy failed to keep pace with the growing workforce.
The overall unemployment rate increased to 8.3%, up from 8% in November, according to data from the Centre for Monitoring Indian Economy Pvt Ltd. That’s the highest reading since August 2021.
The rise in unemployment comes amid a demand slowdown following a robust festive season. The Indian economy is seen slowing as tighter interest rates dampen demand for goods and services, and exports witness a fall. Borrowing costs climbed by 225 basis points last year as inflation stayed above the central bank’s target level for most of 2022.
A rise in joblessness is particularly tricky for the government in light of the busy political calendar this year.