P Chidambaram s 5-point guide for Modi govt on how to fix Covid-battered economy
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Last Updated: Jun 04, 2021, 12:27 AM IST
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Synopsis
he unemployment rate that was 5.48% in June 2018 has once again spiked to 11.86%. The Labour Force Participation Rate has fallen from 42.87% in June 2018 to 40.40% in March 2021. The ultimate test is: do people have a decent life, even if they are poor? And do they have enough food and healthcare? Loss of jobs, loss of incomes and a falling per-capita income cannot enhance welfare or a sense of well-being.
Agencies
The way out of the deep hole we find ourselves in is to learn from the experience of other countries, listen to renowned economists and take bold decisions.
In April, over seven million Indians were let go. The unemployment rate jumped to 7.9 percent in April from 6.5 percent in March, according to a report released by the.
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Stacy Lira and her husband of 28 years, Armando, outside their home in Victorville on March 29, 2021. Stacy is holding a folder full of unemployment paperwork.
(Shae Hammond/CalMatters)
Stacy Lira was nearly a year into her unofficial job as an unemployment-claim detective when things went from bad to worse.
The 46-year-old mother of three, who lost her job managing an Inland Empire convenience store last spring, was rushed to the hospital in mid-February. She was struggling to breathe after testing positive for COVID-19. But Lira was adamant that she couldn’t leave home without one thing: She needed her carefully filed unemployment records so she could keep calling from the hospital about the nearly $20,000 she says the state owes her family.
REUTERS/Nick Oxford
US jobless claims totaled 719,000 last week, up from the prior week s revised reading of 658,000.
The reading lands above the median estimate of 678,000 and marks the second jump in three weeks.
Continuing claims fell to 3.79 million for the week that ended March 20.
More Americans filed for unemployment benefits last week as the labor-market rebound hit snags.
New jobless claims reached an unadjusted 719,000 for the week that ended Saturday, the Labor Department announced Thursday. That comes in above the median estimate of 678,000 from economists surveyed by Bloomberg. The Thursday reading also marks the second jump in three weeks.
The previous week s reading was revised lower to 658,000. That report came exactly one year after claims first shot higher at the start of the US coronavirus outbreak. That report marked the first time initial claims landed below 700,000 since the pandemic hit the US roughly one year ago. Though cla