Russia's real wages to show sluggish recovery as inflation backdrop stabilises

The labour market 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 material revision of the wage bill is not anticipated  - unless oil prices rise higher than $50 per barrel of Brent on a consistent basis.

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 the final printing of real wages are anticipated to be a little bit better at -9.5% yoy than that of August (-9.8% yoy)