Russian Consumer Agony Damps Optimism About Economic Rebound
- Unemployment rate rose in October for first time since March
- Wages are seen falling for 12th month, investments for 22nd
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As the Russian economy moves toward recovery, the enduring pain suffered by the nation’s consumers shows just how arduous that journey will be.
While the nation’s recession eased last quarter, fueling assertions by authorities that the worst is over, data due this week are set to show that domestic demand is still a long way from being able to help growth. Retail sales continued a double-digit decline, wages adjusted for inflation fell for a 12th month and an almost two-year drop in investment deepened in October, according to Bloomberg surveys of economists.