Wage cuts did not prevent spending // Social payments and “other income” stopped the decline in household consumption

According to Rosstat, by the end of the second quarter, the rate of decline in real wages and consumption of non-food products in annual terms slowed down. Against the backdrop of declining wages (the main factor in the fall in real incomes by 0.8%), a stable labor market, the growth of social transfers and other cash receipts to citizens (including gray wages) in June contributed to the stabilization of consumer spending, CMASF experts estimated. Such a pause, however, does not mean that the risks of a further deterioration in the situation with income and consumption in the Russian Federation are not realized. .

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