Russians Cash In on Higher Wages as War Drives Labor Shortages
- Annual real wages rose 10.5% in June, beat analysts’ forecast
- Unemployment in Russia also reached new record low in July
An employee holds ruble banknotes at a store in Moscow.
Photographer: Andrey Rudakov/Bloomberg
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As Russia’s labor market feels the squeeze from the war in Ukraine, real wages are soaring for those who have a job.
They increased in June by an annual 10.5%, the Federal Statistics Service reported Wednesday, well above the median 9.4% rise forecast by analysts surveyed by Bloomberg. The growth in earnings offers a boost to Vladimir Putin as he prepares to seek a fifth presidential term in elections due early next year.