1 Jun 2020 15:31

Russian Labor Ministry expects labor market to start stabilizing in Q4

MOSCOW. June 1 (Interfax) - The labor market situation should start to stabilize in Q4 2020, Russian Labor and Social Protection Minister Anton Kotyakov said.

"Based on the macroeconomic parameters and forecasts for socioeconomic development in Russia, we understand that the most difficult quarter for us on the labor market will be Q3. This is the peak for the cumulative volume of unemployed citizens. That said, in Q4 tendencies will already be stabilizing," Kotyakov said during a meeting of the Federation Council committee on social policy.

As regards positive movement on the labor market, Kotyakov said "we hope to see [this] at the start of Q1-Q2 2021."