Russian consumer statistics continue to improve with incomes up and unemployment down.
The steady, if unspectacular, economic recovery in Russia is starting to reach down to the street. Retail sales grew by an unexpectedly strong 1.9% in August, up from 1.2% y/y a month earlier.
At the same time real wages also improved, rising by 3.4% in August. And unemployment fell below 5% for the first time since 2014 to 4.9%.
Russia can be said to be out of the crisis but not yet clearly onto a long-term path to sustainable recovery.