The recent release of the Periodic Labour Force Survey (PLFS) for 2022-23 has generated a considerable measure of interest and commentary, some of which has appeared in this newspaper. Reading these reveals that improvements in data can only be useful if they are accompanied by a better understanding of statistics. To paraphrase an exchange from an old British sitcom, with statistics you can prove anything, even the truth.
In today’s column, we will explore some of the common misconceptions which arise when reporting on employment, as well as some puzzles which would require deeper research.
There are three principal ratios which are used in discussions of labour-market conditions, namely the labour force participation rate (LFPR), workforce participation rate (WPR) and the unemployment Rate (UR). If during the specified reference period, the person is working or otherwise engaged in economic activity for most of the time, then he is presumed to be employed. Further, if not employed as above but still making tangible efforts to seek work, then the person is classified as unemployed. If not engaged in economic activity (work) and also not available for work, then s/he would be classified as not being in the labour force. From these, we derive the workforce participation rate, which is the number of workers as a proportion of the total population. The count of workers plus the unemployed defines the labour force, which is also expressed as a percentage of the population. The unemployment rate refers to the unemployed as a proportion of the labour force.
Diese Geschichte stammt aus der January 18, 2024-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 18, 2024-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Retirement Ready? Here Are Some Essential Tips For Financial Security
57% of urban Indians worry their retirement savings will deplete within a decade
PAN 2.0 must aim to end fraud via impersonation
It's welcome that tax authorities are simplifying processes for holders of permanent account numbers. The tech overhaul should also ensure sufficient checks to minimize PAN-theft fraud
Capturing the vintage romance of Havana
The photographs focus on the resilience of Cubans—of keeping music, dance, and laughter alive in the face of various challenges
A treasure trove of recipes from Jahangir's royal kitchen
Food historian Salma Yusuf Husain has translated a 17th century Persian manuscript with 120 rare recipes
Eye contact at meetings must get the attention it needs
Remote work is here to stay but virtual meeting platforms have not addressed their key point of inferiority
Economic advice for Trump and Powell: First, do no harm
Policy moves should help sustain business dynamism in America
Internal audit: AI will transform it by staying vigilant in real time
Embracing tools of artificial intelligence will enable IA to play a vastly enhanced role in delivering value to organizations
We should fix the business of opinion polling in India
Pollsters need self-regulatory mechanisms that can set standards and ensure transparency
Resolving disputes over public procurement: Let's aim higher
It has been a pivotal year for reforms but India needs more to vie for leadership in dispute resolution
Are multi-asset funds a good option amid the market rally?
MAAFs are structured to invest in a mix of asset classes, offering diversification benefits