Russia Unemployment Rate

Russia Unemployment Rate set to remain stable. Unemployment numbers are released on Thursday with economists forecasting the number to remain at 6.2%.

Russia’s unemployment rate previously rose to 6.2 % in June 2020 from 6.1 % in the previous month, yet came in below expectations of 6.3 %. It was, however, the highest jobless rate since March of 2013. In recent months most Russian cities have imposed lock-down measures to halt the spread of coronavirus.

The number of unemployed persons rose by 93,000 from a month earlier to 4.6 million and those officially registered as unemployed surged by 644,000 to 2.8 million. A year earlier the unemployment rate was lower at 4.4%.

Unemployment refers to the share of the labor force that is without work but available for and seeking employment.

The unemployment rate had been trending down below 5% in recent years but has risen sharply since the onset of the Corona virus.

  • 2019 was 4.59%, a 0.26% decline from 2018.

  • 2018 was 4.85%, a 0.37% decline from 2017.

  • 2017 was 5.21%, a 0.35% decline from 2016.

  • 2016 was 5.56%, a 0.01% decline from 2015.

Expectations

The Unemployment Rate is expected to be as high as 6.50 % by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, the estimated Unemployment Rate in Russia stands at 7.70 in 12 months time. In the longer-term, the Unemployment Rate is projected to trend around 7.50 % in 2021 and 5.00 % in 2022, according to Trading Economics econometric models.

The Unemployment Rate in Russia has averaged 7.38 % from 1992 to 2020. It reached an all-time high of 14.10 % in February of 1999 and a record low of 4.30 % in August of 2019.

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