The Fall Draft to Unemployment Army
The unemployment rates accelerated by 8.7 percent, and the real income of the nation fell 0.5 percent on month in October of 2008, signaled the data of Russia’s statistics authority Rosstat. Economic analysts blame indicators on employment reduction coupled with the adjustment of overestimated wages. Russia’s employers stand ready to dismiss more than 200,000 in the nearest future.
The Friday report of Rosstat has confirmed apprehended deterioration of social and economic standing of the Russians. The number of economically active population equaled 76.2 million by late October; of them 4.6 million, or 6.1 percent, were unemployed. The unemployment rates hit five year records – the growth in unemployment was 108.7 percent in October of 2008 to October of 2007, contrary to the declining trend of the recent years. The annual indicator stood at 93 percent in October of 2005, 2006 had 90 percent and it was 85.5 percent in October of 2007.
The unemployed army stepped up by 76,000 on month in October of 2008, and it wasn’t the seasonal but rather the crisis effect. The number of unemployed narrowed by 6,000 on month a year ago. “The growth in unemployment rates is the crisis fallout. The essential phase will begin when the unemployment progresses to the open phase – when the unemployed set to getting registered,” forecasted Igor Polyakov, the leading expert of the Center of Macroeconomic Analysis and Short-Term Forecasting.
Some 1.2 million were registered with Employment Service in October; a million of them get the unemployment relief. According to November 20 monitoring report of the RF Health Ministry, 4,160 enterprises in 83 constituents of Russia intend to dismiss 219,000. Some 33,900 were dismissed due to the start of release of the labor force in November, another 35,000 are idle through the fault of employer, some 34,900 don’t work full time, and 17,900 were given vocation. Therefore, at least 100,000 fell victims to redundancy from October 1 to November 20.
The problems on the labor market slowed down the annual growth of cash income of the population, from 25.7 percent in October of 2007 to 24.3 percent in October of 2008. The trend with the real income is similar – 6.9 percent in 2008 vs. 11 percent in 2007. So far, the majority of new job-seekers live on the money saved in the previous years.
www.kommersant.com
All the Article in Russian as of Nov. 24, 2008
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