New Delhi: Signalling a downturn in the labour market, fresh formal employment creation in October declined by 16.7% in comparison to September. While the number of jobs created in September stood at 9,26, 934, the number reduced to 7,72,084 in October, according to the latest payroll data released by the Employees’ Provident Fund Organisation (EPFO).

The EPFO payroll data helps to track employment creation in the formal sector, as every new employee must sign up for a provident fund under the EPFO. The National Statistical Office (NSO) too uses the EPFO data to analyse employment trends in the country.

Around 68.7% (5,30,884) of the total 7,72,084 who joined the workforce in October were in the age group of 18-28 age, accounting for the highest among new EPF subscribers in October. The same figure had stood at 68.5% in the previous month of September, Business Standard reported quoting official data.

On the other hand, those who joined the workforce and registered themselves as new EPF subscribers in the age group above 35 reduced from 16.1% in September to 15.9% in October. Women's share, however, saw a marginal increase from 25.2% in September to 26.4% in October.

Meanwhile, the net payroll addition increased by 1%, taking the number from 1.51 million in September to 1.53 million in October. The net payroll figure is worked out by taking into account the number of new subscribers, the number of exits, and the return of old subscribers.

The data released by the Centre for Monitoring Indian Economy (CMIE) for the months under consideration also indicated the rise in the unemployment rate. According to CMIE's Consumer Pyramids Household Survey, it shot from 7.09% in September to 10.09% in October. The rise in joblessness was attributed to a sharp jump in the rural unemployment rate to 10.82% from 6.2%.

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