Rosstat has published its August statistics pack on economic conditions.
Unemployment decreased to 5.2%, from 5.3% in July. More importantly, the seasonally adjusted unemployment rate stayed at 5.5%.
Real retail sales growth slowed 0.4pp to 4.0% YoY, owing to a tangible deceleration in non-food sales (not surprisingly, given the double-digit annual decline in car sales (AEB) and a YoY contraction in non-volatile imports from non-CIS (customs)), despite the faster growth in food sales (which looks logical, given the more pronounced deflation in fruit and vegetables).
Investment renewed a post-crisis low, declining 3.9% YoY (after the 2.5% YoY increase in the previous month). This surprised us and consensus to the downside.
Construction declined 3.1% YoY after the rather strong 6.1% YoY growth a month ago.
Real wage growth edged down to 5.9% YoY, from the downwardly revised figure in July (to 6.4% YoY).
In separate news, MinEconomy estimates that GDP growth slowed to 1.6% YoY in August, from 1.8% YoY in July.