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Russian labor market remains tight — Central Bank governor

The seasonally adjusted level of unemployment in August 2024 remained "close to an all-time low of 2.5%," while the growth of wages continued outpacing the growth of labor productivity

MOSCOW, October 25. /TASS/. The Russian labor market remains tight, with the problem of the staff shortage having even deteriorated, Central Bank Governor Elvira Nabiullina told a press conference following the meeting of the board of directors on the key rate.

"The labor market remains tight. Moreover, the latest survey of businesses shows that the issue of the staff shortage has even deteriorated," she said.

The seasonally adjusted level of unemployment in August 2024 remained "close to an all-time low of 2.5%," while the growth of wages continued outpacing the growth of labor productivity.

The Bank of Russia sharply raised the key rate by 2 percentage points to a record level of 21% per annum at the meeting of the board of directors on Friday. It also did not rule out the possibility of its further increase at the next meeting, saying that further tightening of monetary policy is required to ensure the return of inflation to the target and reduce inflation expectations.

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