Russia’s jobless rate returns to pre-pandemic level, wages rise

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Russia’s jobless rate returns to pre-pandemic level, wages rise

Later this week, data from Rosstat, the Federal State Statistics Agency of Russia, had stated that the former G8 (Group of eight) economy’s unemployment rate had fallen further with jobless rate returning to a pre-pandemic level in July, as a persistent rise in retail sales alongside a series of wage hikes had illustrated that a stronger-than-anticipated economic rebound might be underway.

Besides, data from Rosstat also had unveiled that the economy of Russia had been well en-route to surpass its strongest growth figure in more than a decade, however, a number of rate-hikes from the Russian Central Bank in a bid to downsize a soaring inflation appeared to have little or no impacts on the economy’s growth momentum with oil and natgas prices hovering at multi-year peaks.

Russ GDP growth sets to reach the strongest since 2011, jobless rate falls

According to data from Rosstat, the Russian economy’s unemployment rate fell to 4.5 per cent in July, a level never witnessed since the September of 2019, from a 4.8 per cent a month earlier, while the latest set of data had largely mirrored an identical employment landscape in the United States, since even as Friday’s US nonfarm payrolls data had missed previous projections by a wider margin, unemployment rate fell to a 17-month low of 5.2 per cent in August.

Aside from that, Rosstat data released later this week also had added that there had been a 4.9 per cent increase in real wages over past twelve months through July, insanely beating an analysts’ forecast of a growth of 2.4 per cent.

However, Russ retail sales came in slightly short of expectation, rising 4.7 per cent on an annualized basis compared to a prior projection of an increase of 5.2 per cent.