Page 51 - RusRPTAug21

Expectations of higher fixed capital investment in the country in 2021 were upgraded to 4.5% from 3.3% in July, and the spokesperson said that the revision was underpinned by recovery in housing construction, and expansion of budget-supported construction in spite of higher metals prices.
4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
The unemployment rate dropped to 4.8% in June from 4.9% in May.
Employment gained +100k m/m in June to 4.8%, but adjusted for seasonality, it lost some -50k m/m SA workers in June.
A -50k m/m SA contraction in employment is not large compared with the total number of employed (71.7mn); however, the decline in seasonally adjusted terms was just the second since August 2020 (the previous one was in March).
Moscow’s authorities reported a decrease in the unemployment rate from a peak of 2.5% to 0.59%. Kirill Purtov, head of the Department of Economic Policy and Development of Moscow, announced the news at the Moscow Urban Forum on Friday, July 2, Russian media reported. Purtov reported that there was a significant increase in unemployment in 2020. If the unemployment rate in the pre-crisis period was about 0.39%, then at its peak, it rose to 2.5%. Currently, due to the active actions of the Department of Labor and Social Protection, as well as interaction with employers, it was possible to reduce the unemployment rate to 0.59%. The head of the department noted that at present, despite the fact that the new restrictive measures will make their own adjustments, the situation in the capital is improving and the economy continues to recover. Experts, according to Purtov, continue to monitor the situation and are likely to be able to find additional response measures.
51 RUSSIA Country Report August 2021 www.intellinews.com