BER Comment
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Date:
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2012 - July
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Document Type:
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BER Comment
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Description:
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A brief note – distributed via email and released on our website – intended as a more regular interface with our clients, the emphasis being to provide our interpretations of important economic events
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Title:
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FNB/BER consumer confidence deteriorates
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The FNB/BER consumer confidence index (CCI) declined by a hefty 8 index points during 2Q2012,
from +5 in 1Q2012 to -3 during 2Q2012. While the second quarter fall in consumer confidence is
substantial, the CCI has been edging lower since reaching a peak of +15 index points in 3Q2010,
around the time of the 2010 Soccer World cup tournament hosted by South Africa. Through the
course of 2011, the CCI shed 9 index points to end the year at +5, and during 2Q2012 the CCI fell by
another 8 index points. Given that the average reading for the CCI since 1994 is +6 index points, the
latest reading of -3 index points suggests that consumer confidence is currently low and not supportive
of consumer spending.
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