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How Much Do You Know About the Unemployment Rate in India and the US?

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Editor, TRANSFIN.
Jul 8, 2020 11:01 AM 5 min play


When it comes to important economic metrics, the unemployment rate is as important as it gets. Everyone from politicians and economists to workers and business analysts keep an eye on the unemployment rate in their country - and in others as well - to get a sense of the state of the economy.

The monthly US jobs report for June was released last Thursday, and it indicated that the country’s COVID-hit economy was recovering faster than expected. The unemployment rate fell to 11.1%, beating economists’ estimates.

India's unemployment rate, meanwhile, is another matter altogether. Not because it's doing far better or far worse, but because there's no official data to calculate it! But that's a different debate altogether.

Meanwhile, how about a Quiz Knock on the unemployment rate and all the jargon and numbers related to it?

Without much further adieu, here's what awaits you:

  1. Every month, the US Bureau of Labour Standards (BLS) releases a report with data regarding employment numbers and "nonfarm payrolls". What is the official name of this report?
  2. Which of these is the best definition of "nonfarm payrolls"?
  3. Since the COVID-19 pandemic began, the highest the US unemployment rate has climbed to was 14.7% in April. What was the highest unemployment rate in US history?
  4. As an extension of the previous question: When did the US experience its highest unemployment rate?
  5. The Phillips Curve is an economic concept that posits an inverse relation between the unemployment rate and the rate of _______.
    How Much Do You Know About the Unemployment Rate in India and the US?
  6. Now, coming to India... Consider these three organisations:
    a) Centre for Monitoring the Indian Economy (CMIE)
    b) National Sample Survey Office (NSSO)
    c) Labour Bureau
    We have jobs data for 2019-20 from which of these organisations?
  7. The Economic Survey of 2018-19 says X is "almost 93%" of India's workforce. NITI Aayog says X employs approximately 85% of all workers. The National Statistical Commission says the number is "more than 90%". Identify X.
  8. The National Sample Survey Office (NSSO) comes under which Ministry?
  9. Consider the following sectors:
    A) Hotels and restaurants
    B) Education
    C) Construction
    D) Financial services
    Arrange these sectors in descending order of the number of new jobs created in post-1991 India.
  10. Anita was recently let go from from her MNC. She is currently interviewing with several MNCs and is certain to land a new job soon.
    Akbar works at a retail shop. He takes a one-month leave of absence to travel to his hometown, but during this one month the work productivity does not get affected even though there is one less worker present.
    Thomas used to work as a newspaper deliveryman but was laid off last month after the newspaper decided to move entirely to digital distribution as readers preferred online news media over physical papers.
    What is the type of unemployment each of these three professionals is suffering from?

FIN.

There's so much happening around that simply keeping up can be a task! How about more such fun Quizzes to help you retain? Subscribe to our Quiz Knock Newsletter to receive them straight to your inbox.