Russia’s Unemployment Plunges to Record Low as Wages Grow
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Russia’s jobless rate fell to a record in May as businesses raised salaries faster than economists predicted, helping stem a three-month slowdown in real-wage growth.
Unemployment slid to 4.9 percent in May from 5.3 percent a month earlier, the Federal Statistics Service in Moscow said today in an e-mailed statement. The median estimate of 16 economists surveyed by Bloomberg was 5.2 percent. Wages adjusted for inflation grew 5 percent after a revised 3.2 percent gain in April, topping the median forecast for a 1.5 percent increase in a separate poll.