CHRIS GILMOUR: SA retail sales turn positive for first time in almost a year
Purchases of durables and semidurables such as clothing and furniture contributed most to the uptick
SA retail sales growth figures supplied by Stats SA, as defined by year-on-year growth in real retail sales, turned sharply positive in February after almost a year of languishing in negative territory.
Purchases of durables and semidurables such as clothing and furniture, rather than nondurables such as food, were the main reasons for this positive outcome. It is unclear what is causing such positivity or how long it will last, but it is certainly welcome relief. Given the sharp reversal of direction in retail sales growth, it seems likely that the factors accounting for this growth are probably transitory and May’s data is awaited with bated breath. ..