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Black Friday fails to lift November retail trade, sales fall 0.9% year on year
South African retail trade sales faltered in November, highlighting the strain that consumers remain under and raising the odds that the economy tipped into a recession in the fourth quarter (Q4) of last year. Congestion at the ports also put a damper on things as stuff that consumers wanted was left floating on the sea.
Image by Steve Buissinne from Pixabay
The data also showed that in the three months to the end of November, sales were down 0.5% compared to the previous three months.
If that trend continues, retail trade will be a drag on the fourth quarter gross domestic product read, raising the odds that the economy tipped into a recession after contracting 0.2% in the third quarter.
Read the full article by Ed Stoddard at Daily Maverick.
Source: Daily Maverick
Daily Maverick is a unique blend of news, information, analysis and opinion delivered from our newsrooms in Cape Town and Johannesburg, South Africa. There are many ways to describe exactly what we do (and for the price of a cup of coffee we’re capable of talking your ears off about it), but the best way to understand the end result is to experience it. Every part of Daily Maverick is free-to-air and no payment is required, although free registration is required for a small subset of functions and pages.
Daily Maverick is run by an independently owned, private company with no affiliation to any other media group (or political party or religious organisation.) Follow Daily Maverick on Twitter at @dailymaverick.
Go to: https://www.dailymaverick.co.za/Related
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