MOSCOW, September 13. /TASS/. Unemployment has hit its fresh all-time low again, with a considerable labor shortage persisting, especially in manufacturing. That said, wage growth has slowed down in recent months though consumer activity remains high, the Russian Central Bank said in a press release following a meeting of its board of directors.

"The labor market remains tight. Unemployment dropped to a new historical low. A considerable labor shortage persists, especially in manufacturing. Although wage growth has slowed down in recent months, it remains elevated and still outstrips labor productivity growth," the regulator said.

"Despite some slowdown, consumer activity remains high. First and foremost, it is backed by rising households’ incomes. Substantial investment demand is associated with both fiscal incentives and businesses’ own funds accumulated in recent years. Although survey data show some deterioration in current business sentiment, businesses’ expectations for future demand remain high," the press release said.