Young people have adapted better than others to changes in the labor market



May 21st. FINMARKET.RU – Russian youth have adapted better than other groups of the population to the labor market, which is in crisis due to the pandemic. This conclusion follows from the results of the joint monitoring “Trends and Challenges of Socio-Economic Development” conducted by the Gaidar Institute for Economic Policy and RANEPA, Rossiyskaya Gazeta writes. If in January 2020 the level of general unemployment in Russia was 4.7 percent, and in December it reached 5.9, then youth unemployment has changed by only one tenth. It first rose sharply, peaking (21.3 percent) in July 2020, and then began to decline steadily. By September, it was 17.4 percent, and by December it reached 16.9. The authors of the monitoring note that after the 2008 crisis, the level of general unemployment rose from 6.2 percent to 7.3, and the unemployment rate among 19-year-olds – from 11.7 percent to 14.9. At the same time, in 2020 the state supported young workers in the same way as in 2008, mainly with increased unemployment benefits.

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