In Ukraine, number of job seekers growing faster than vacancies

In Ukraine, number of job seekers growing faster than vacancies

In April, the labor market began to recover gradually, with the number of job seekers growing faster than that of vacancies.

This is stated in a monthly macroeconomic and monetary review by the National Bank, according to Ukrinform.

"The labor market is gradually recovering after a significant drop in March. The number of job seekers is growing faster than the number of vacancies. The excess of labor supply over demand pushes wages down," wrote the NBU.

According to the National Bank, at the end of April, a significant part of enterprises (54%) was forced to go for partial layoffs, while 34% had to pay lower wages than before the start of a full-scale war. The share of enterprises that have retained the level of wages (38%) is also declining.

Read also: White House: US ready to provide any assistance to rebuild Ukraine

In April, enterprises operating in the service sector, agriculture, and processing industry increased wages more often, while in trade and construction, companies cut wages more often. Most enterprises that remain idle and pay their employees 2/3 of their salary operate in the industry and transport sectors. Construction companies were more likely to provide material assistance to their employees but also they take up most of the companies which have halted operations and wage payments altogether.

As reported, on February 24, the Russian Federation launched a full-scale invasion of Ukraine, with Russian invaders shelling and bombing peaceful towns and villages, torturing and killing civilians.

The United States, the European Union, and other democracies have imposed and continue to impose sanctions on Russia.

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