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Business News – More than 30 lakh people lost jobs in July despite economic recovery

More than 30 lakh people lost employment in July despite some signs of economic recovery. Of the total jobs lost, a majority were from urban India.

More than 30 lakh people lost jobs in July despite a recovery in some key economic indicators as the impact of the second Covid wave eases. The latest data from the Mumbai-based Centre for Monitoring Indian Economy (CMIE) indicated that 3.2 million or 32 lakh jobs were lost in July.

By the end of July, 76.49 million or over 7.6 crore people were employed in salaried jobs, compared to 79.7 or 7.9 crore jobs in June.

A majority of the job losses in July were from urban India — at least 26 lakh people became unemployed. The number of salaried people in urban India fell from 4.8 crore in June to 4.6 crore in July.

CMIE data suggested that the number of small traders and wage labourers inched up to 30.42 million, nearly 2.4 million or 24 lakh more than June.

Meanwhile, CMIE’s Consumer Pyramids Household Survey data indicated that the country is witnessing a V-shaped recovery after the second Covid wave.

It may be noted that some economic indicators including manufacturing activity, exports and GST collections have also improved.

While the economy seems to be recovering, it remains to be seen if the same momentum can be sustained amid possibility of a third Covid wave in the country.

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