Russian unemployment hits fresh all-time low of 3%

Russian unemployment hits fresh all-time low of 3%

Russia's unemployment rate has fallen to a new all-time low of 3% as the war sucks labour out of the market / bne IntelliNews

By Ben Aris in Berlin August 31, 2023

Russia’s unemployment rate fell to a fresh all-time low of 3% in July, down from 3.1% in June, RosStat reported on August 30. (chart)

"In July 2023, the unemployment rate among individuals aged 15 years and above stood at 3% (seasonal factor excluded)." Statistical data reveal that the overall count of unemployed individuals in Russia for July totalled 2.3mn people.

Russia’s labour market is drum tight thanks to the war in Ukraine, which has drawn off hundreds of thousands of young men to the front line.

Companies are reporting difficulties in finding skilled employees, as even those men that remain at home are being hired away by military factories that are running three shifts a day seven days a week.

The upshot is that CBR Governor Elvia Nabiullina has warned Russia’s economy could overheat.

#macro #bneChart #Russia #unemployment

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