The November’s retail sales data should show a deceleration from the pace shown in October. We are expecting to see growth come in at 8.0% y/y. The sales growth rate is largely determined by the rate of growth in wages and changes in employment. Wage growth in the last quarter of 2007 should come in at above 7% in nominal terms. In addition, the unemployment rate in November reached a multi-year low of 5.6%. The nice rate of retail spending in the economy is indicated by the double digit rate of growth in car sales. The expected positive direction in retail sales is also in-line with an expected interest rate hike by the CNB in the beginning of February of 25bps.