August real sector data were weak across the board. On our seasonally adjusted estimates, retail sales were down 0.1% mom after a 0.6% mom increase in July. The drop in retail sales volumes was consistent with real wages and real disposable income data, which surprised the market to the downside (according to a Bloomberg survey). Real wages growth improved marginally to -1.0% yoy in August from -1.3% yoy in July (which was revised sharply to the downside from 0.6% yoy growth). The pace of contraction in real disposable income was 8.3% yoy, compared to 7.3% yoy previously. On our seasonally adjusted estimates, nominal wages growth was around zero in August after a 1.0% mom decline in July. The unemployment rate (in seasonally adjusted terms) was 5.5% in August, marginally lower from 5.6% in the previous month. The data show no signs of pressure on inflation from the demand-side indicators and should be take positively for the prospects of monetary policy easing in early 2017. Based on a count of 93% of all votes, the ruling United Russia party is set to regain a constitutional majority in the parliament which it had lost in 2011. According to the preliminary results of the parliamentary elections held on Sunday (18 September), the ruling party is expected to get 344 seats (compared to 238 in the previous parliament). The United Russia’s landslide victory was driven by voting in one-mandate precincts and low turnout (below 50%). In our view, the results of elections will not alter either the domestic or the external policies significantly, rendering this election outcome neutral for the local financial markets.