Russian Federation Unemployment Rate

Russia’s unemployment rate stood at 2.3% in December 2024, maintaining the record low from the previous month. The number of unemployed people fell to 1.788 million from 1.797 million. A growing labor shortage has affected all sectors since Moscow sent troops into Ukraine in February 2022. Extensive recruitment by the armed forces and defense industries, along with emigration, has drawn workers away from civilian enterprises, pushing unemployment to a record low. Meanwhile, the central bank cites labor shortages as a key factor compelling it to maintain a tight monetary policy by keeping interest rates high.