The Central Bank of Russia reported a gradual decrease in labor…

The Central Bank of Russia reported a gradual decrease in labor market tension and a slowdown in wage growth, while unemployment remained at historically low levels. The bank also reduced its key interest rate to 14% from 14.25%.

Consensus

• The Central Bank of Russia noted a gradual decrease in labor market tension.
• Employer staffing levels have improved according to survey data.
• Wage growth has slowed but still exceeds productivity growth.
• Unemployment remains at historically low levels.
• The key interest rate was reduced to 14% from 14.23%
• Unemployment in May 2026 was reported at 2.1% by Rosstat.

Points of divergence

• The Central Bank noted that wage growth plans for 2026 have not changed significantly. — vesti
• In June, the Central Bank had indicated that the reduction in labor market tension was slowing down. — interfax

Coverage (2 sources)

• Central Bank of Russia: Labor market tension in the country is gradually decreasing — Вести
• Central Bank Records Decline in Labor Market Tension and Slowing Wage Growth — Интерфакс

Key entities

• Russia
• Moscow
• INTERFAX.RU
• CB
• Central Bank
• Bank of Russia
• Bank of Russia (Central Bank of the Russian Federation)