Thursday, August 24, 2017

Yekaterinburg unemployment drops to 0.53 percent

Yekaterinburg's unemployment rate dropped to 0.53 percent during the third quarter of 2012, according to data site of the city administration's economics department.

In 2009, Yekaterinburg experienced its highest unemployment rate - 2.15 percent. The figure occurred at a time when the world economic situation was bleak and unstable, Ural Business Consulting reports.

The unemployment rate dropped in 2010, reaching 1.13 percent by the end of the year. The rate continued to fall through 2011, reaching 0.77 percent by the close of the year.

As of the end of June, the total unemployment rate of Russia as a whole was 5.4 percent. Approximately 4.1 million people in the economically active population were unemployed, according to Rosstat. The economically active population in Russia is approximately 76.4 million people, or 54 percent of the country's total population, Oblgazeta.ru reports.

In July, Mark Adomanis, a contributor to Forbes Magazine, said that the improvement of the unemployment rate showed that Russia's economy was on the rise.

"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."