RETAIL sales accelerated at the fastest pace in more than two years in May, above expectations and boosting hopes of a stronger recovery in consumer spending, the economy’s main engine.
Retail sales grew 4,6% in May compared with the same month last year, well above consensus forecasts for an increase of 3,6%, official data showed yesterday.
Retail sales account for about 12% of the economy’s output and is the second-biggest employer, providing 22% of the jobs in the formal nonfarm sector.
Another encouraging sign came from sales of hardware, paint and glass, which rose 1,5% compared with May last year. Overall private-sector credit extension rose 0,8% in May versus the same month last year, above forecasts and following a fall of 0,9% in April.
http://www.directinvestment.biz
http://www.businessday.co.za/articles/Content.aspx?id=114747
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