Why retailers’ sales contracted in December
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Retail sales dipped in December, falling 0.4% year-on-year. The largest negative contributors to the print were general dealers and retailers in hardware, paint and glass. Yesterday we saw the unemployment rate unchanged at 29.1% with many experts pointing out the worrying fact that the wholesale and retail trade sector shed jobs during the fourth quarter when it traditionally adds employment over the period. At the top of the year, the likes of Massmart and Edcon announced store closures - looking at all these factors, what do we make of the December print? Economist at FNB economist Siphamandla Mkhwanazi talks to Business Day TV about the print.