Unemployment in Russia reached a historic low

© RIA Novosti / Kirill to Kallinikova in fotobaikeram vacancies. Archival photoUnemployment in Russia reached a historic low© RIA Novosti / Kirill to Kallinikova the image Bank

The unemployment rate in Russia in September reached a historic low, and was 4.7%, according to «the economy» in October, published by the Ministry of economic development.

«The unemployment rate in September reached a historic low (4.7 per cent with the elimination of seasonality). Real wages continue to grow at high rates (according to preliminary estimate of Rosstat, in September and in the third quarter as a whole is 7.2% in annual terms),» said the MAYOR.

According to the Ministry of economic development, dynamic growth of wages is observed in the social and in the private sector. The Ministry predicts that the level of unemployment in 2018 and 2019 will amount to 4.8% and in 2020 will decrease to 4.7%.

The number of employed people with the exception of the seasonal factor in September continued to rise (by 30 thousand people), while the total number of unemployed for the second month in a row showed a decline (minus 68 thousand people with the seasonal factor cleared in September). The result is a workforce with the exception of seasonality has changed slightly, declining by 38 thousand persons (-0.1 percent month-on-month).

«According to the state employment services, the number of officially registered unemployed is at record low levels. In September it decreased by 82.6 thousand people against the corresponding period of 2017 (-11.3 per cent year-on-year),» — noted in the Ministry.

At the same time, the MAYOR said that despite the favorable situation on the labor market, growth in consumer demand in the third quarter slowed. «In July and September annual growth rates of turnover organizations of retail trade and catering was consistently decreased. The trend towards a slowdown in passenger car sales. Consumer demand in recent months, hampered the decline in consumer confidence,» said the Ministry.

Unemployment in Russia reached a historic low© Integrationa version of the rating of regions of Russia by unemployment rate