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of the tons of animal feed on which the production of meat, eggs and dairy products depends."
4.2.2 PPI dynamics
Iran’s ‘Shamekh’ PMI plummets to 23-month low of 37
Iran’s purchasing managers’ index (PMI), known by its Farsi acronym Shamekh, for manufacturing and services hit a 23-month low in the country’s last fiscal month (March 21-April 20), Iran Chamber announced on May 10.
The PMI sank to 37.49 for the month under review from the 54.74 registered in the previous fiscal month, indicating a 17.25-point, or 37.07%, decline. Any figure below 50.0 indicates a contraction.
The Statistics and Economic Analysis Centre of Iran Chamber of Commerce, Industries, Mines and Agriculture is the sponsor and coordinator of the survey. Business sentiment in Iran has been hit by disappointment that Tehran and the major powers have not found a path for a reinstatement of the nuclear deal, or JCPOA, which would mean the lifting of heavy US sanctions that severely weigh on the country’s economy. Iran, meanwhile, has not condemned Russia’s invasion of Ukraine. Iranian traders are busy attempting to substitute for various products the sanctioned Russian market can no longer source from countries opposed to the war being waged by Moscow. However, the overall impact on Iran’s economy of the consequences of the Ukraine crisis, taking into account the balance of gains and losses, is not yet clear.
4.3 Labour and income
4.3.1 Labour market, unemployment dynamics
Unemployment rate at 9.6% in 3Q 2021
According to the Central Bank of Iran, the country’s unemployment rate declined to 8.9% y/y in the fourth quarter of 2021 from 9.6% y/y in the previous quarter. Iran's unemployment rate was estimated to reach 9.8% of the total labor force in 2020. The unemployment rate has been above 10% for the last 10 years, and this rate is estimated to have peaked in 2014 when it reached 14%.
Youth unemployment (covering the 15-29 age range), stands at least
23 IRAN Country Report June 2022 www.intellinews.com