US unemployment hit a historic low this year - but it's even lower in Russia

• Russia's unemployment rate is hovering at just over 3%, according to state-owned news agency TASS.
• The extremely low reading comes with the economy suffering a record worker shortage as the war in Ukraine drags on.

Unemployment in the US hit a multi-decade low this year – but it's reportedly even lower in Russia.

The country's Prime Minister Mikhail Mishustin said in a meeting with President Vladimir Putin that Russia's unemployment rate is hovering at its lowest-ever level, between 3.1% and 3.2%, according to a report by the state-owned news agency TASS published on Wednesday.

In comparison, the US reported an unemployment rate of 3.7% in May, with the labor market holding steady despite the Federal Reserve making aggressive hikes to interest rates over the past 16 months.

Mishustin also said that Russian authorities are working to "fine-tune" workforce reskilling programs that Moscow brought in as a response to many western companies leaving the country after Putin invaded Ukraine in February 2022, per TASS.

The historically low reading comes with Russia's economy struggling through a record worker shortage as the ongoing war puts pressure on the labor force and stifles economic growth.

However, experts and foreign affairs analysts have previously told Insider that it's possible that statistics coming from the Kremlin have been skewed in order to portray a more positive outlook for Russia's economy.