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Johannesburg - Consumers are continuing to stay away from the shops, the latest credit data published on Tuesday by the SA Reserve Bank (Sarb) showed.
Growth in demand for credit by the private sector eased to 5.70% year-on-year in May from a revised 8.47% in April, the SARB said.
This was well below economists' forecasts and a sign that both job losses and uncertainty continue to slam the embattled consumer.
In addition, the country's top commercial banks have cut back on the granting of loans to the private sector as defaults grow.
The Sarb also said that growth in the broadly defined M3 measure of money supply in May slowed to 7.31% compared with a revised 8.49% previously.
- Sapa