Russia Unemployment Rate Down to 5.3% in July

Russian jobless rate decreased for the forth consecutive month to 5.3 percent in July from 5.4 percent in June. It is the lowest value since December of 2014 and below market expectations.

The number of unemployed people decreased to 4.069 million in July from 4.091 million in the previous month. A year earlier, the figure was 3.698 million. 

Nominal wages rose 5.0 percent year-on-year to an average RUB 33980 (+5.4 percent in June) and real pay fell 9.2 percent after dropping by 8.6 percent in the previous month. Real disposable income shrank 2.0 percent (-3.1 percent in June).

The number of economically active people increased to 77.2 million (53 percent of population) in July from 76.5 million (52 percent) in June. Compared to July of 2014 the figure increased by 1.3 million. 

The unemployment rate in Russia remains one of the lowest in Europe given that the GDP contracted in the first two quarters of 2015 and the country remains under sanctions since early 2014. The jobless rate is half those of the Euro Area and the same as in the United States as companies are avoiding firing employees and instead are reducing working hours, cutting salaries and giving staff unpaid holidays.

Russia Unemployment Rate Down to 5.3% in July

Yekaterina Guchshina |
8/19/2015 3:47:19 PM