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After plunging by a cumulative 28 index points during the first half of 2008, the FNB/BER CCI rebounded during 08Q3, increasing by 5 index points to –1. The rise in can be attributed to a reversal in consumers’ views on the economy and their own finances. However, they have further downgraded the present as an appropriate time to buy durable goods. In our view, the 08Q3 rebound in the FNB/BER CCI does not signal the end of the slowdown in consumer spending. Consumer confidence will most likely resume its downward trend should consumers’ optimistic expectations about the economy and their own finances fail to materialise during subsequent quarters.
