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Unemployment rate in Russia increased by 30%

The unemployment rate in Russian regions at the end of Q2 2020 increased by an average of 30% compared to the same period last year, writes Kommersant, citing Rosstat. In Q2 2020, the unemployment rate in the Russian Federation was equal to 6% of the total labor force, this figure increased by 1.4 pp both in comparison with Q1 2020 and in Q2 last year.
In the Moscow region, the indicator increased from 2.6% to 3.8%, in the Leningrad region – from 3.7% to 5.1%, in the Rostov region – from 4.5% to 5.2%, in the Stavropol region – from 4.4% to 6.1%, in the Penza region – from 4.3% to 5.8%. High growth rates were demonstrated by Moscow – plus 53% (from 1.3% to 2% of the labor force) and St. Petersburg – immediately plus 93% (from 1.4% to 2.7%). The unemployment rate in these two cities remains the lowest in the country. The maximum level is noted in the North Caucasus, the “anti-leader” is Ingushetia with an unemployment rate of 30.1% against 26.1% a year earlier. In absolute terms, the maximum number of unemployed is in Dagestan, where on average there were 212 thousand of them per quarter, in the Krasnodar Territory there were 181 thousand unemployed, in Moscow – 145 thousand.
Against the background of an increase in the number of unemployed according to the methodology of the International Labor Organization, the level of registered unemployment in Russia has also grown – since April it has increased by 3.5 times, and now about 3 million people are registered with employment services. If earlier no more than a quarter of those who lost their jobs applied for benefits, now up to half of the 4.5 million current unemployed can register.

 

Source: www.banki.ru

News
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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