It appeared, on the surface at least, that the architects of shock therapy and economic transition had performed some kind of miracle, and achieved structural adjustment from communism to capitalism, without mass unemployment. The youth unemployment rate was 16.8 percent in the EU and 17.0 percent in the euro area, up from 16.2 percent and 16.5 percent respectively the previous month. This website uses cookies. Some workers were sent on long, unpaid holidays or administrative leave either with no pay or very low pay. According to its data, the unemployment rate across the European Union also grew from 7.0 percent in May to 7.1 percent in June. This meant that firms had an incentive to keep their wage bill low. 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Prior to this, unemployment hadn’t exceeded 10%, despite the fact that the Russian economy had contracted by 40% between 1991-98. Infosurhoy is one of the most trusted and unbiased news sites in the world. Many Russians over 55 years of age also withdrew completely from the labour force. It’s estimated that between 1991-98, at any given time, one in four of the Russian workforce was on some form of unpaid or low-paid leave. All Rights Reserved © Copyright 2019 * The information contained in Infosurhoy  be may not be published, broadcast, rewritten, or redistributed  without approval from the Infosurhoy Team. “We must continue to support those who have not yet found new jobs.”, For more stories on economy & finance visit RT’s business section. The projections show that the unemployment rate for 2021 will fall to 5.2 percent. Read RT Privacy policy to find out more. Within months the Russian ruble floated freely on exchange markets, barriers to international trade were lifted, and a mass privatisation process of state-owned enterprises had begun. Eurozone unemployment rises despite lifting of coronavirus restrictions. Professor of Management and Director, Institute for Social Responsibility, Edge Hill University, Jo Crotty receives funding from the Economi and Social Research Council and British Academy. Technically, the unemployment rate reflects the number of people without a job divided by the entire labor force — or those adults actively seeking work. If staff were paid a salary more than four times the minimum wage, then the firm would incur additional taxes. Data also showed that in June, 2.962 million young persons (under 25) were unemployed in the EU, of whom 2.360 million were in the eurozone. In a report for the US government published in 1992, the American economist William Moskoff famously asserted that 30 million, or 25% of the Soviet workforce would be unemployed as a result of the transition from central planning to a market economy. The burden of these approaches to labour retention also led to down-skilling as people adapted to the new circumstances by being willing to do any role, regardless of their qualifications and experience to stay working. With the collapse of Debenhams and other retailers during lockdown, and reports that many arts venues will be out of business by Christmas, it’s likely that many of the jobs from which people are currently furloughed have already been lost. But this expected surge in unemployment did not happen. The number of people without jobs is set to continue to decrease in 2022-2023, reaching 4.7 and 4.6 percent respectively, as the labor market adapts to “new conditions.”. The seasonally adjusted unemployment rate for the euro area inched higher in June, reaching 7.8 percent, as Covid-19 containment measures started being phased out in most EU member states. In addition, Russia reported 18484 Coronavirus Deaths .

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