Labour market: More jobs and better pay in Moscow

Labour market: More jobs and better pay in Moscow
Moscow’s reported unemployment rate came in at just 0.35 percent in June.

Moscow has employment opportunities on offer for skilled professionals, and boasts one of the lowest unemployment rates in the country, Moscow Government Minister and Head of the Department for Economic Policy and Development Vladimir Yefimov said.

“A significant number of new highly skilled jobs are being created in Moscow due to its vibrant economy and business development. It is for this reason that the labour market pressure index in Moscow has reached a historic low in the past three and a half years. In June, this index, measured as a ratio of job applications to the number of available jobs, was equal to 2.4, down 0.3 points year-on-year,” the official pointed out.

The number of job openings grew 2.5 times faster than the number of job applications, pushing the pressure index down. In June, reported unemployment was at just 0.35 percent.

“It is interesting that employers have been actively hiring people despite a 13.5 percent increase in nominal pay and a 9.9 percent increase in real income across all sectors of the city’s economy. The highest increases between January-May 2018 were reported in healthcare, education, research, construction, IT, manufacturing, and culture and recreation,” Mr Yefimov explained.

Since the onset of 2018 the number of unemployed people has dropped by more than 9 percent. Over 50,000 people applied to the city’s labour exchange, and positions were found for more than 25,000 job seekers.