Why Rosstat records record low unemployment and wage growth

The unemployment rate in February of this year fell to a record 3.5%, follows from the data of Rosstat. This is the lowest figure on record, the previous low was recorded in January 2023 (3.6%). According to Rosstat, 2.6 million people were considered unemployed in February 2023. On average, women look for work for 5.9 months, and men for 6 months. Only a quarter (25%) of Russians try to get a new job through employment services, the vast majority turn to friends, relatives and acquaintances (71.7%), follows from the data of the statistical department.

While unemployment in the country remains at a record low, this “does not mean that all problems in the labor market have already been solved,” Russian President Vladimir Putin said during a meeting with the government on March 29. According to him, questions about the quality of jobs remain open. “In some regions and localities, the unemployment rate is still much higher than the national average. At enterprises where output has declined, teams are partially loaded and work part-time. It is clear that this has a negative impact on wages,” he said.