The additional fall in the FNB/BER Consumer Confidence Index in 2Q16 is not surprising considering increased pressure on households’ real income amid higher inflation and constrained employment growth or even retrenchments. Generally, the depressed level of consumer confidence suggests continued weakness in consumption spending by households (real consumption spending fell outright by 1.3% annualised in 1Q16 already). Sanlam Investments economist Arthur Kamp states why this is no surprise, and shares with us economic data that suggest a rebalancing may be on the way. (more…)
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