New Delhi: Data released by the Centre for Monitoring Indian Economy (CMIE) revealed that the unemployment rate in the country has touched a four-month high in December. The unemployment rate surged to 7.9% in December from 7.0% in November. Urban unemployment rate rose to 9.3% in December from 8.2% in the previous month while the rural unemployment rate was up 7.3% from 6.4%.
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As per the agency, the rise in cases of the Omicron coronavirus variant and social distancing restrictions in many states has affected the economic activity and consumer sentiment in the country. And experts claim that the rise in the Omicron variant will reverse the economic recovery.
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