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2 Apr, 2023 06:58

Unemployment in Russia at historic low – data

The jobless rate in the country remains the lowest since the early 1990s, official statistics show
Unemployment in Russia at historic low – data

Unemployment in Russia fell to 3.5% in February, according to data released on Wednesday by the Federal State Statistics Service (Rosstat). The rate is the lowest since Rosstat began publishing the figures in 1991.

According to the report, the previous record low was recorded in January, when unemployment was 3.6%.

“In February 2023, 2.6 million people aged 15 and over were classified as unemployed (in accordance with the methodology of the International Labor Organization),” the statement reads.

Data showed that the total number of jobless residents in February was 2.635 million, 99,000 fewer than in the previous month. As of the end of February, around 700,000 citizens had registered as unemployed in Russia.

Russia’s total labor force aged 15 and older stood at 75.4 million people as of February, according to Rosstat.

Russian President Vladimir Putin confirmed that unemployment in the country is at a record low while meeting with members of the government on Wednesday. He warned, however, that this does not mean all the problems in the labor market have been solved, and called on the government to expand the national project for labor productivity.

The Russian leader stressed that work needs to continue, on creating opportunities for professional development and training of young people so that they can acquire modern and in-demand skills, and ultimately be able to better provide for their families.

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