Russia Unemployment Rate (2024)

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What is the rate of unemployment in Russia? ›

Unemployment in Russia

The unemployment rate in Russia averaged 5.1% in the decade up to 2022, below the Eastern Europe average of 7.4%. The unemployment rate in Russia was 3.9% in 2022.

Federal State Statistics Service (Rosstat) data indicate that unemployment in Russia was 2.8% in February 2024, which was in line with the lowest level since observation began in 1991. Unemployment in Russia was 2.9% in January 2024.

The official unemployment rate is known as the U-3 rate or simply U3. It measures the number of people who are jobless but actively seeking employment. The unemployment rate is a lagging rate. It changes months after an economy changes directions.

In 2023, South Africa had the highest unemployment rate in the world, at 28.4 percent. Of the 10 countries with the highest unemployment rates, nine were in Sub-Saharan Africa.

Employment Rate in Russia increased to 60.70 percent in February from 60.60 percent in January of 2024. Employment Rate in Russia averaged 62.14 percent from 2008 until 2024, reaching an all time high of 66.60 percent in August of 2016 and a record low of 58.00 percent in May of 2020.

MOSCOW, March 6 (Reuters) - The number of Russians living below the poverty line in 2023 dropped to 13.5 million from 14.3 million a year earlier, the Rosstat statistics service said on Wednesday, with the poverty rate falling to 9.3% from 9.8%.

Russia's unemployment in global perspective

This is largely due to a low fertility rate in the 1990s which has resulted in a demographic dip and left the country with fewer young workers actively seeking employment.

Consumer price inflation in Russia averaged 7.2% in the ten years to 2022, below the Eastern European average of 7.7%. The 2022 average figure was 13.8%. For more inflation information, visit our dedicated page.

This statistic shows the unemployment rate of Ukraine from 1999 to 2021. In 2021, the unemployment rate of Ukraine amounted to approximately 9.83 percent of the total labor force.

What's a good unemployment rate? A reasonable unemployment rate is somewhere between 3% and 5%. When unemployment is low, workers are usually paid more and will spend more, which is good for the economy. However, the additional money in circulation can help cause inflation, which if unchecked can be harmful.

Why is unemployment a problem? ›

Unemployment adversely affects the disposable income of families, erodes purchasing power, diminishes employee morale, and reduces an economy's output.

The unemployment rate isn't an accurate measure of joblessness simply because it doesn't consider everyone who doesn't have a job. That's why many economic experts instead focus on what's known as the real unemployment rate.

China Jobless Rate Rises to 5.3%

In February, the urban surveyed unemployment rate was 5.3%, up from 5.2% in January and 5.1% in December 2023. It was the highest reading since last July, with the unemployment rate of the local registered labor force at 5.5% while that of the migrant labor force was at 4.8%.

Full employment means 100% of the workforce is employed. History shows that this is unattainable as workers move from job to job. A zero unemployment rate is also undesired as it requires an inflexible labor market, where workers cannot quit their current job or leave to find a better one.

What is the average salary in Russia? Based on June 2023 currency rates, the average annual salary in Russia is around 1,240,000 RUB, or approximately USD 14,771. It should be noted that this figure varies greatly based on factors such as geography, industry, and employment role.

The minimum wages have been revised in Russia with effect from 01 January 2024. The federal minimum wage has changed from RUB16,242.00 to RUB19,242.00 per month. The minimum wages for all regions and territories have also been revised. Note: This minimum wage increase might not reflect the inflationary trends.

The total amount of cash income of the population of Russia in 2020 amounted to 62 trillion rubles. According to official data from Rosstat, as of September 2021, the average wage in Russia was 54,687 rubles.

Monthly surveyed urban unemployment rate in China March 2022-2024. In March 2024, the surveyed unemployment rate in urban areas of China ranged at 5.2 percent, down from 5.3 percent in the previous month. The quarterly unemployment rate in China stood at 5.2 percent in the first quarter of 2024.