FX.co ★ Russia Jobless Rate Below Forecasts

Russia’s unemployment rate held steady at 2.2% in January, unchanged from December and below market expectations of 2.3%. This persistently low rate underscores a broad-based labor shortage, which has deepened since Moscow’s military deployment to Ukraine in February 2022. The number of unemployed edged up to 1.66 million from 1.643 million in December. Authorities anticipate that labor market conditions will remain tight for years, projecting a workforce shortfall of 3.1 million people by 2030.