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Monthly survey of leading South African economists who forecast key macroeconomic variables....Get it here

In the second quarter, average headline CPI inflation expectations for 2018 remained unchanged relative to the first quarter, but edged up marginally by 0.1 percentage point (% pt) in respect of 2019 and 2020....Get it here

In the second quarter, average headline CPI inflation expectations for 2018 remained unchanged relative to the first quarter, but edged up marginally by 0.1 percentage point (% pt) in respect of 2019 and 2020....Get it here

After skyrocketing to an all-time high during the first quarter of 2018, the FNB/BER Consumer Confidence Index (CCI) dipped marginally in the second quarter. Since negative corrections have typically followed large spikes in the CCI in the past, we are somewhat surprised that consumer confidence levels remained so high following the unparalleled surge in consumer sentiment during the first quarter of 2018. Furthermore, there were several adverse developments in recent months that had the potential to deflate consumer confidence. Although the elevated consumer confidence level suggests that consumers remain most willing to spend their money, this does not necessarily imply that actual consumer spending remained robust during the second quarter. Household income levels and/or access to credit would have had to improve in conjunction with the positive sentiment to see strong household expenditure growth during the second quarter. Although the seeds of an economic recovery were planted with President Ramaphosa's "new dawn" and pledge to eradicate the scourge of corruption, further investor-friendly reforms are urgently needed to boost economic growth and household income levels to avoid bitter disappointment....Get it here

After skyrocketing to an all-time high during the first quarter of 2018, the FNB/BER Consumer Confidence Index (CCI) dipped marginally in the second quarter. Since negative corrections have typically followed large spikes in the CCI in the past, we are somewhat surprised that consumer confidence levels remained so high following the unparalleled surge in consumer sentiment during the first quarter of 2018. Furthermore, there were several adverse developments in recent months that had the potential to deflate consumer confidence. Although the elevated consumer confidence level suggests that consumers remain most willing to spend their money, this does not necessarily imply that actual consumer spending remained robust during the second quarter. Household income levels and/or access to credit would have had to improve in conjunction with the positive sentiment to see strong household expenditure growth during the second quarter. Although the seeds of an economic recovery were planted with President Ramaphosa's "new dawn" and pledge to eradicate the scourge of corruption, further investor-friendly reforms are urgently needed to boost economic growth and household income levels to avoid bitter disappointment....Get it here

After skyrocketing to an all-time high during the first quarter of 2018, the FNB/BER Consumer Confidence Index (CCI) dipped marginally in the second quarter. Since negative corrections have typically followed large spikes in the CCI in the past, we are somewhat surprised that consumer confidence levels remained so high following the unparalleled surge in consumer sentiment during the first quarter of 2018. Furthermore, there were several adverse developments in recent months that had the potential to deflate consumer confidence. Although the elevated consumer confidence level suggests that consumers remain most willing to spend their money, this does not necessarily imply that actual consumer spending remained robust during the second quarter. Household income levels and/or access to credit would have had to improve in conjunction with the positive sentiment to see strong household expenditure growth during the second quarter. Although the seeds of an economic recovery were planted with President Ramaphosa's "new dawn" and pledge to eradicate the scourge of corruption, further investor-friendly reforms are urgently needed to boost economic growth and household income levels to avoid bitter disappointment....Get it here

After skyrocketing to an all-time high during the first quarter of 2018, the FNB/BER Consumer Confidence Index (CCI) dipped marginally in the second quarter. Since negative corrections have typically followed large spikes in the CCI in the past, we are somewhat surprised that consumer confidence levels remained so high following the unparalleled surge in consumer sentiment during the first quarter of 2018. Furthermore, there were several adverse developments in recent months that had the potential to deflate consumer confidence. Although the elevated consumer confidence level suggests that consumers remain most willing to spend their money, this does not necessarily imply that actual consumer spending remained robust during the second quarter. Household income levels and/or access to credit would have had to improve in conjunction with the positive sentiment to see strong household expenditure growth during the second quarter. Although the seeds of an economic recovery were planted with President Ramaphosa's "new dawn" and pledge to eradicate the scourge of corruption, further investor-friendly reforms are urgently needed to boost economic growth and household income levels to avoid bitter disappointment....Get it here

In domestic news, both mining and manufacturing output rebounded in May after posting weak growth in April. However, mining output is still set to contract in 2018Q2, while only a slight rebound is on the cards for manufacturing production as output growth remains lacklustre. Furthermore, the near-term outlook for the mining sector is clouded by the possibility of labour unrest following the commencement of wage negotiations in the gold sector. On the international front, US consumer price inflation rose to a six-year high in June, suggesting further interest rates hikes remain firmly on the cards. Across the pacific, China’s trade surplus with the US rose to a record-high in June which could provide further ammunition for President Trump in the ongoing trade dispute. ...Get it here

On the domestic front, economic news was a mixed bag last week. On the upside, domestic vehicle sales continued to grow, especially in the case of heavy vehicles such as trucks and buses. On the downside, electricity output remained under pressure. On the international scene, nonfarm payroll data indicates that the US economy is still creating new jobs at a steady rate. Meanwhile, June Purchasing Managers’ Indices (PMIs) for the US and China reflect a vibrant economy in the US during the second quarter, and ‘business as usual’ in China. Furthermore, the IMF scaled down its outlook for the German economy. On financial markets the US dollar lost some ground after Chinese officials said they will not use the yuan as a trade-policy weapon, benefiting emerging market (EM) currencies to some extent. ...Get it here