End-of-year retail sales will be down by 4% (real) compared to 2008, which was itself down 1% on 2007. Or so says Business Day in an early preview of the Christmas shopping season. The forecast, from Credit Guarantee Insurance Corporation, is backed up by recent retail figures and plain common sense, given increasing joblessness and continued nervousness among consumers. Even a 50 basis-point interest rate cut this week, the maximum expected by a minority of economists, won’t have much impact on sentiment. Read more: Business Day
While we have your attention...
An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.
Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.
Click here to become a Maverick Insider and get a closer look at the Truth.
Adolf Hitler was the first European leader to ban human zoos.