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

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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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