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Unemployment in Russia will start to grow in autumn

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The situation in the Russian economy is developing better than initial expectations, unemployment is at a historic low, the Ministry of Economic Development (MED) notes.

So far, unemployment is at a minimum, but in autumn it will begin to grow, said the head of the Ministry of Economic Development Maxim Reshetnikov. But the situation should not be dramatized, it is under control.

“In June, agriculture and the mining industry remained the anchor for the economy. The situation in processing is still uneven. Sectors aimed at domestic demand feel a little more confident,” Reshetnikov said.

The figures for July suggest that industries embedded in the world’s export-import chains are under serious pressure, especially metallurgy.

“Wholesale trade, cargo turnover, construction sank,” the minister explained.

Consumer activity remains low, but is recovering. The volume of lending to individuals and legal entities is growing against the backdrop of the reduction of the key rate by the Bank of Russia.

Unemployment for the second month in a row kept at a record low – 3.9%. However, part-time employment is on the rise in a number of industries. Enterprises are trying to keep their workforce, looking for work modes that will help maintain employment. In addition, a lot of money has been allocated to support enterprises in order to save jobs, Reshetnikov concluded.

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