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Rosstat announces a new historical low in the unemployment rate

Rosstat announces a new historical low in the unemployment rate

CrimeaPRESS reports:

Unemployment in Russia once again updated its historical low (over the period of observation of the indicator since 1991), declining in July 2023 to 3.0% after 3.1% recorded in June. About the new record Rosstat.

Previously, the unemployment rate in the Russian Federation was: in May — 3.2%, in April — 3.3%, in March — 3.5%, in February — also 3.5%, in January — 3.6%.

Prior to this, in November-December 2022, unemployment in the Russian Federation was 3.7%, during September-October it was 3.9%, in August — 3.8%, in May-July it was kept at around 3.9%, in April — 4%, in March and February — 4.1%, in January 2022 — 4.4%.

The total number of unemployed in Russia in July 2023 amounted to 2 million 276 thousand people, which is 75 thousand less than in June 2023.

As noted Interfax, The Central Bank considers the shortage of labor resources as one of the main pro-inflationary factors. The emphasis in the July statement of the Central Bank was placed on long-term pro-inflationary factors: the economy cannot cope with growing domestic demand, especially given the shortage of labor resources (the motive for restrictions on the part of the labor market in the statement is strengthened and raised in the first paragraph).

The increase in domestic demand exceeds the possibility of expanding production, including due to limited free labor resources. This adds to sustained inflationary pressures in the economy.— the Central Bank said in a statement following the results of the July Board of Directors.

It is emphasized that the shortage of labor is especially pronounced in regions where there is a significant increase in consumer and business activity.

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