Labor market analysis of the North Caucasus Federal District regions in the context of macroeconomic instability

The article presents the results of the study of the labor market of the regions of the North Caucasus Federal District (NCFD) during the aggravation of the foreign policy situation and increased macroeconomic instability. The article shows the contradictory nature of the socio-economic situation in the North Caucasus region: on the one hand, this is a region with a sufficient labor force due to a favorable demographic situation, where for a long period of time the growth of the labor force significantly outpaced the growth in the number of jobs created, and on the other hand, in recent years the region has been experiencing a labor shortage. It was found that in the NCFD the employment rate of the population has been increasing over the past decade, while the unemployment rate has been decreasing. The study also showed that the development of labor markets in the NCFD is characterized by heterogeneity. The most favorable trends in employment are typical for the Republic of North Ossetia-Alania and Stavropol Krai. And the highest tension in modern conditions is recorded in the labor market in the Karachay-Cherkess Republic. The general strategic trends of the labor market, as well as the features of its development due to the influence of regional socio-economic factors, are determined. The leading factor in increasing employment and incomes was the growth of investments associated with the implementation of a number of large national projects in the North Caucasus, including the construction of a new airport terminal and a high-mountain all-season tourist complex in Chechnya, the creation of the special economic zone «Grozny», where a critically significant number of enterprises are already listed as residents. Also, a large mountain resort «Mamison» is being built in North Ossetia. Similarly, in Dagestan, investment growth in production, construction and logistics is recorded. The prospects for further growth in the development of Dagestan’s infrastructure are obvious - it is planned to develop the coastal strip as part of the Caspian coastal cluster. The economic dynamics of the North Caucasus Federal District is ensured by the growth of retail trade in non-food products and the development of the service sector, especially in the field of tourism and spa treatment.