Economics
South African Consumer Mood Falls on End of Welfare Program
- Second-quarter consumer-confidence index drops to -13 from -9
- New lockdown measures could further weigh on consumer mood
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South African consumer confidence declined in the second quarter after the government ended increased social welfare payments and temporary relief measures for workers who lost their income because of the coronavirus pandemic.
A quarterly index measuring sentiment fell to -13 in the three months through June from -9 in the previous quarter, FirstRand Ltd.’s First National Bank said in an emailed statement Monday. The index has now erased gains that saw it return to pre-pandemic levels earlier this year and remains below the average consumer-confidence reading of 2 since 1994.