Key Points
The recent release of the Periodic Labour Force Survey (PLFS) for 2022-23 has generated a considerable measure of interest and commentary, some of which has appeared in this newspaper..
There are three principal ratios which are used in discussions of labour-market conditions, namely the labour force participation rate (LFPR), workforce participation rate (WPR) and the unemployment Rate (UR)..
This seems like a drop, but when we combine this with population numbers, we see that the number of workers in this category increased by almost 15 million in the same period..
The PLFS 2022-23 shows an unemployment rate of 10% in the age group of 15-29 years, as compared to an unemployment rate of 3.2% across all age groups..
What is even more interesting in the long time series is a striking change in rural womens workforce participation post-2017, compared to the long decline seen since 1978..
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