The Central Bank recorded a shortage of labor against the backdrop of partial mobilization

Against the backdrop of the effects of partial mobilization, labor shortages are increasing in many industries. About it reported in a press release from the Bank of Russia on maintaining the key rate at 7.5% per annum.

“At the current stage, the possibilities for expanding production in the Russian economy are largely limited by the state of the labor market. Unemployment hit a historic low. Against the backdrop of the consequences of partial mobilization, labor shortages are increasing in many industries,” the regulator said in a statement. The document notes that under these conditions, the growth of real wages is accelerating in the labor market – it can outpace the growth of labor productivity.

Analysts of the Bank of Russia believe that a decrease in the number of the labor force and a change in the structure of employment may subsequently increase the inflation rate, which is indicated in the base scenario of the regulator. In the baseline scenario, the regulator predicted inflation at the end of 2022 at the level of 12-13%.

By data Rosstat, the labor force in Russia is 75.3 million people, of which 71.7 million are employed. Men make up 38.7 million people, while 36.8 million men work. According to President Vladimir Putin, as part of the partial mobilization, 318,000 people were called up along with volunteers.

It follows that at the end of the mobilization, the loss of the labor market amounted to about 0.4% of the labor force, or 0.7% of male workers. Most of them work in the manufacturing industry (6.4 million), transport (4.9 million), construction (4.3 million) and trade (4.3 million).

How companies adapt to the outflow of personnel due to mobilization – in the material “Labor is looking for workers”.

Anastasia Larina