Wednesday, August 23, 2017

Russian unemployment drops dramatically in July

Unemployment agencies in Russia registered 1.1 million citizens in July, a drop of approximately 2.8 percent from June.

According to the press service of the Ministry of Labor and Social Affairs for the Russian Federation, between June 28 and July 26, the number of officially registered unemployed Russians dropped by 32,220 people. On June 28, the number of registered unemployed Russians was more than 1.14 million. That number decreased to 1.108 million as of July 26, Oblgazeta.ru reports.

Total unemployment in Russia in June was 4.1 million people, representing 5.4 percent of the economically active population, according to Rosstat.

The number of economically active population in Russian in June was approximately 76.4 million, representing about 54 percent of the total population.

While a recent National Review article said that Russia was an economic disaster area, Forbes contributor Mark Adomanis cited the improvement of the unemployment rate in his rebuttal.

"Russian unemployment is lower than it's ever been, Russian inflation is near a record low it set last year, Russian bond yields are lower than they've ever been, and Russia's economy has never been larger," Adomanis said, according to Forbes. "Now Russia is still poor and it is still underdeveloped in comparison with Western Europe, but I honestly don't see how it's possible to argue that its economy is performing worse than it used to."