According to a report by the National Sample Survey Organization under the Ministry of Statistics, the unemployment rate for people aged 15 years and above declined to 3.1 percent in 2023, the lowest in the last three years.
According to the Periodic Labor Force Survey (PLFS) for the calendar year 2023, the unemployment rate is projected to decline from 3.6 percent in 2022 and 4.2 percent in 2021 to 3.1 percent in 2023. Unemployment, or unemployment rate, is defined as the percentage of unemployed people in the labor force.
improvement in employment situation
According to the data, the employment situation is improving after the pandemic hit the country in March 2020, which forced authorities to impose a lockdown to curb the spread of the deadly coronavirus.
unemployment rate among women
The survey revealed that the unemployment rate among women also declined from 3.3 percent in 2022 and 3.4 percent in 2021 to 3 percent in 2023. Similarly for men, it decreased from 3.7 percent in 2022 and 4.5 percent in 2021 to 3.2 percent in 2023. Where the overall rate of unemployment in urban areas decreased from 5.7 percent in 2022 and 6.5 percent in 2021 to 5.2 percent in 2023.
This rate in rural areas
Similarly, in rural areas it decreased from 2.8 percent in 2022 and 3.3 percent in 2021 to 2.4 percent in 2023. With this, the Labor Force Participation Rate (LMPR) in Current Weekly Status (CWS) for people aged 15 years and above in urban areas increased from 52.8 percent in 2022 and 51.8 percent in 2021 to 56.2 percent in 2023.