The number of jobless people has dropped below 3% for the first time since the 1990s
Unemployment levels in Russia plunged to 2.9% in October, according to data from the country’s statistics service, Rosstat, released on Wednesday. The figure is the lowest since the early 1990s.
Last month, around 2.2 million people aged 15 and older were classified as unemployed, compared to an average of 2.3 million for the third quarter. Compared to last year’s figures, the number of Russians without work decreased by 23%.
The number of people with jobs reached 74.1 million, up from 74 million a month earlier and 72.1 million in October 2022.
Unemployment in the country has now been below 4% since May 2022.
According to the Bank of Russia, however, businesses continue to suffer from a shortage of workers, which is helping to maintain high rates of wage growth.
“To retain staff, enterprises are developing and expanding programs to motivate and stimulate employees,” the central bank wrote in a note.
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