FX.co ★ Russia Unemployment Returns to Record Low on Ongoing Labor Shortage

The unemployment rate in Russia decreased to 2.3% in March 2025, down from 2.4% in the previous month, surpassing market predictions. This decline returns the figure to its record low, last seen at the end of the previous year. This outcome aligns with the analysis from the Central Bank of Russia, which highlighted that the mobilization for military involvement in Ukraine has intensified labor shortages, thus constraining the Russian economy's capacity. The unemployment reduction was accompanied by a decrease in both the tally of officially registered unemployed individuals (337,000 compared to 349,000 in February) and the overall number of unemployed persons (1.73 million versus 1.786 million).