Czech October retail sales (yoy) likely to drop, but still firm

Czech Republic's average real monthly wage for Q3 (yoy) is expected to be at 3.2 by the market consensus, rising from that of its previous month's 2.7 reading.

The country's low unemployment is already pushing the wage growth, whose pressure will be bottomed next year. The unemployment rate should continue decreasing, pushing the overall wage bill high.

Retail sales (yoy) for the month of October are expected to see a decline to 5.5 from 7 and retail sales, excluding auto is expected to drop to 4.5 yoy as per consensus. 

"We forecast retail sales growth of 0.6% mom in October, which would put the yoy tally at 4.5% (+5.6% yoy SWDA)", estimates Societe Generale in a research note.