EDITORIAL: Unemployment Ravages Putin’s Russia

EDITORIAL

Unemployment Ravages Putin’s Russia

In a stunning report from Reuters last weekend, we learned that “the number of unemployed Russians rose to 6 million in December compared to 5 million in November as an economic downturn hit home” according to the head of the Russian federal employment service, one Yuri Gertsiy, who was speaking on Echo of Moscow radio.  That’s a startling increase in unemployment of 20% in just one month.  The figure is four times higher than the number of Russians who have registered with the state as being unemployed six months into the national financial crisis, showing that such records are utterly meaningless in evaluating the nation’s employment rate.

EDITORIAL: Happy Holidays, Russia!

EDITORIAL

Happy Holidays, Russia!

A Moscow union official has revealed the shocking fact that unemployment in Moscow doubled over the course of the city’s observance of the 10-day winter holiday that began on New Year’s eve and lasted until Orthodox Christmas earlier this month.  According to the official, Moscow now has nearly 300,000 unemployed workers, up 500% from 60,000 one year ago and 70,000 four months ago, and job vacancies have fallen by 6% in two months.