Wages in Ukraine are growing despite the economic slowdown

In November 2024, the Ukrainian economy showed some slowdown, which affected the labor market. According to the National Bank of Ukraine (NBU), the demand for labor decreased, but the number of resumes, on the contrary, increased, which indicates an increase in the number of job searches among the population.

As noted in the *Macroeconomic and Monetary Review* of the NBU, the number of new vacancies decreased in November. The reasons for this were both seasonal factors and the slowdown in economic growth, which decreased to 12.1% year-on-year.

At the same time, the number of resumes on the labor market has remained stable since the beginning of autumn. In November, their annual growth rate accelerated to 4.2%, which indicates a gradual recovery of activity among job seekers.

Despite the decrease in labor demand, salaries in Ukraine continue to grow. The National Bank emphasizes that the shortage of workers remains significant, although the increase in the number of resumes simplifies the process of finding personnel for enterprises.

“Incomes of the population continue to increase, even with an increase in the supply of labor,” the NBU reports. This allows businesses to gradually adapt to changes in the economic environment, although the problem of a shortage of qualified personnel still remains relevant.

Thus, the labor market in Ukraine demonstrates mixed trends: on the one hand, the economic slowdown limits the creation of new jobs, on the other hand, the growth of salaries and the activity of job seekers indicate that the prospects for recovery in the future remain.