The situation on the Russian labor market can start improving by the end of 2020 if the real economy revives, the Russian Accounts Chamber report on federal budget shows.
"As of late September, we can speak about stabilization on the labor market. If favorable trends in the economy and current level of quarantine measures hold up, the situation on the labor market will start getting better by the end of the year. The continuous, albeit slow, revival of the real economy will facilitate this [trend]," the report appendix reads, TASS reports.
The agency noted that the third quarter of 2020 showed that the number of working people dropped by almost 2 million in comparison with the same period in 2019, reaching 70.6 million people in January-September. Simultaneously, the number of unemployed people was growing steadily to reach 4.8 million people by August, as unemployment hit 6.4% According to the Accounts Chamber, the number of unemployed people went down slightly by 31,400 people, while the unemployment rate stood at 6.3%