Russia's real wages to show sluggish recovery

The labour market of Russia stance is set to remain intact vs a set of previous releases. The unemployment rate is struggling to remain flat at 5.4%, which corresponds to 5.6% in seasonally-adjusted terms. 

"In terms of wages we do not anticipate material revision of the wage bill - unless oil prices rise higher than $50 per barrel of Brent on a consistent basis (which is likely to occur in Q1 16). In September  the real income will be mainly driven by a marginal improvement in the inflation backdrop vs the first two months of Q3 15, so that we anticipate the final printing of real wages to be a little bit better at -9.5% yoy than that of August (-9.8% yoy)", states Societe Generale.