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India’s unemployment rate climbed to a three-month high of 7.8% in March amid concerns a global slowdown will hurt Asia’s third-largest economy.
Urban joblessness remained elevated at 8.4%, compared with about 7.5% in rural areas, according to data from the Mumbai-based Centre for Monitoring Indian Economy. In February, the overall rate was 7.5%.
The uptick follows early signs of cooling demand in the $3.2 trillion economy, where policy makers have been battling runaway inflation like their peers in the rest of the world. The Reserve Bank of India is likely to raise its benchmark interest rate for a seventh consecutive time on April 6, according to forecasts by economists.
