Away from the close call South Africa had with rating agencies S&P and Moody’s, a dramatic Black Friday gave us a semblance of a healthy and confident consumer in November. Retail sales growth remained positive in September growing 5.4%. Both the local Consumer and Producer Price Index fell in October. Business confidence stalled in October, slipping only 0.1 points while manufacturing (the ABSA Purchasing Managers’ Index) gained 2.9 points in October. In November, the rand recovered from its weakened position post the Medium-Term Budget Policy Statement. Despite YTD lows during the month, the rand closed at ZAR13.70/USD. Lastly, high fuel price increases are expected in early December.
