FX.co ★ Russia Unemployment Unchanged at 2.4%, Above Forecast

In February 2025, Russia maintained an unemployment rate of 2.4%, just slightly above the projected 2.3%. Approximately 1.786 million individuals were recorded as unemployed, showing minimal change from January's figure of 1.808 million. The count of officially registered unemployed increased to 0.349 million, up from 0.341 million. Various sectors continue to grapple with labor shortages, exacerbated by military conscription, a surge in defense industry job opportunities, and emigration following Russia's 2022 invasion of Ukraine. The central bank views these labor shortages as a significant factor influencing its policy to keep interest rates elevated to manage inflation. Comparatively, the unemployment rate was higher at 2.8% in the same period last year.