Job losses in urban areas as a consequence of COVID-19-related lockdowns have crushed the confidence levels of city dwellers. Their negative perception of the economy and employment situation has reached the highest level recorded in at least eight years. The negative perception remained high with regard to the overall price situation and incomes too. The survey was conducted between April 29 and May 10 in 13 major cities.
A year's highest
The urban unemployment rate (UR) stood at 14.73% in May 2021, the highest in 12 months. It was 23.14% in May 2020 during the COVID-19- induced national lockdown.
Urban unemployment RBI consumer survey June 18
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Economic situation
As many as 81.4% of the respondents said that the country's economic situation worsened in May 2021 compared to May 2020. This perception is the highest since September 2012.
economic situation RBI consumer survey June 18
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Price levels increase
Around 90% said that the price levels of commodities increased in May 2021 compared to May 2020. The negative perception on price rise fell marginally in May 2021 compared to March 2021.
Price levels RBI consumer survey June 18
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Also read: Retail inflation soars to 6.3%, a 6-month high
Employment
As many as 82.1% respondents said that the country's employment situation worsened in May 2021 compared to May 2020. This is also the highest since September 2012.
employment RBI consumer survey June 18
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Income levels decrease
Over 58% of respondents said that their income levels decreased in May 2021 compared to May 2020. In May 2020, this figure increased sharply after the lockdown was imposed.
income levels RBI consumer survey June 18
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Also read: 92% of workers stopped receiving payment from employers: Report
