Waning consumer sentiment, vanishing jobs add to worries
A survey of LinkedIn and direct postings on job boards showed active vacancies fell 31%, from 2,90,000 in March to 2,00,000 in April.
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The sharp rise in urban unemployment shows the phenomenon of reverse migration of workers going back home to the villages from cities has again become pronounced.
The second deadly wave of Covid infections in April has expectedly hit the marginally recovering job market hard. Local lockdowns and postponement of projects in the pipeline have taken away 75 lakh jobs, pushing the unemployment rate to a four-month high of 8%, according to the Centre for Monitoring India Economy (CMIE).