Russian Federation Unemployment Rate

Russia's unemployment rate fell to a new record low of 2.8% in February 2024, down from 2.9% in the previous month and compared with market expectations of 2.9%. This is primarily due to labor shortages of skilled workers caused by the emigration and mobilization of men for the war in Ukraine. The number of unemployed individuals declined by 41 thousand from the previous month to an all-time low of 2.109 million, but the officially registered unemployed increased to 0.481 million in February from 0.480 million the month before. In February 2023, the jobless rate was higher at 3.5%.