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Johannesburg - Retail sales data released on Wednesday shows that consumers are
still reluctant to spend.
Statistics SA said retail sales showed a contraction of 6.5% year-on-year in October from a revised 4.9% decline
in September.
Over the past year, retail sales had dropped after years of
strong growth.
At present consumer fundamentals were weak and growth in
disposable income was still declining.
Debt levels are high and unemployment and fears about job losses
have impacted negatively on consumer confidence.
Most economists agree that the 500 basis points rate cut that
began in December 2008 will only gradually impact on consumer
spending.
- Sapa