Wage growth came in as expected in July. It seems likely that it will remain stable at this level in the near future. However, households still prefer to save rather than spend due to weak consumer confidence
Although real wage growth was strong in June, it has not yet returned to the double-digit levels seen in previous years. We expect negative perceptions of household finances to persist. Weak consumer confidence continues to be a problem for the economy
Industrial data for May shows that the positive trends observed in April were a one-off. Furthermore, the number of companies retaining labour is gradually decreasing due to falling demand. The outlook is gloomy, with no sign of a sudden turnaround
