Page 69 - RusRPTSept22

4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
Russia’s unemployment rate stood at a record low of 3.9% in July of 2022, unchanged from June and May and lower than market expectations of 4.1%. The number of unemployed decreased by 51 thousand from a month earlier to 2.9mn people, while the employment rate went up to 59.9%, from 59.8% in June, although the number of people employed was little changed at 72.1mn people.
4.5.2 Income dynamics
Wages in Russia increased to RUB62,457 per month in May from RUB62,269in April of 2022. No new data has been released since then.
Real wages in Russia fell by 3.2% y/y in June of 2022, following a 6.1% decrease in the previous month and compared market expectations of a 6.1% drop. It was the third straight month of decline in wages. Meanwhile, average nominal wages rose 12.2% from a year earlier to RUB66,572.
CBR analysts kept unchanged their growth forecast for nominal wages for
69 RUSSIA Country Report September 2022 www.intellinews.com