Unemployment in Russia
Russia - Unemployment
The economy seems to have slipped into a severe contraction in the second quarter. Economic activity shrank in double-digits in April-May as strict lockdown measures forced closures of non-essential businesses, in turn prompting a broad-based downturn in the industrial sector. Similarly, nosediving retail sales in Q2 suggest private consumption plunged as the unemployment rate jumped in April-May while strict social distancing measures prompted households to postpone spending, thus gutting the services sector. Moreover, exports nosedived in April on depressed oil prices and eviscerated foreign demand. On a more positive note, however, the PMIs recovered in June, hinting at rebounding private-sector activity at the tail end of Q2. In politics, Russian voters have supported constitutional changes which, in addition to guaranteeing social payments and nationalist agenda amendments, reset presidential term limits giving President Vladimir Putin the chance to stay in office until 2036.Russia - Unemployment Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Unemployment Rate | 5.6 | 5.5 | 5.2 | 4.8 | 4.6 |
Russia Unemployment Chart
Source: Russian Federal State Statistics Service (Rosstat).
Russia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.23 | 0.13 % | Dec 30 |
| Exchange Rate | 62.03 | -0.12 % | Dec 30 |
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Economic News
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Russia: Inflation increases in July
August 6, 2020
Consumer prices rose 0.40% in July over the last month, accelerating from the 0.22% rise recorded in June.
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Russia: Services sector returns to growth in July
August 5, 2020
The Russia IHS Markit Services PMI soared to 58.5 in July, from 47.8 in June, marking the best result since July 2008.
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Russia: Manufacturing PMI dips in July
August 3, 2020
The Russia IHS Markit Manufacturing PMI fell to 48.4, from 49.4 in June.
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Russia: Central Bank trims key policy rate to fresh low in July
July 24, 2020
At its meeting on 24 July, the Board of Directors of the Central Bank of the Russian Federation (CBR) cut the key interest rate by 25 basis points to a fresh record low of 4.25%.
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Russia: Industrial output continues to contract severely in June
July 16, 2020
Industrial production dropped 9.4% year-on-year in June, improving marginally from May’s 9.6% dive which had marked the sharpest plunge since September 2009.
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