Russian Retail-Sales Slump Unexpectedly Deepens as Wages Shrink
This article is for subscribers only.
A slump in Russian retail sales unexpectedly accelerated in June as wages shrank for an eighth month.
Sales declined 9.4 percent from a year earlier, falling for a sixth month, after a 9.2 percent decline in May, the Federal Statistics Service in Moscow said Friday in a statement. That was more than the 9 percent median of 20 forecasts in a Bloomberg survey. Wages adjusted for inflation shrank 7.2 percent in June and real disposable incomes slipped 3.5 percent, the statistics service said.