Cape Town - Salaries in South Africa have declined over a long period of time for the first time since the start of the monthly BankservAfrica Disposable Salary Index (BDSI).
This supports the growing sentiment that salaries are unlikely to beat inflation in 2016, according to Dr Caroline Belrose, head of knowledge and risk services at BankservAfrica.
"It is the first time since the great recession in 2008/09 that we have had four months in a row of actual real salary decline. That tells me retail sales will remain under pressure," Mike Schüssler, chief economist at Economists dotcoza, told Fin24 on Thursday.
"It is very clear that total salaries are not growing at the moment. I also don't think we have much hope for big bonuses in December or March - We are in a period of subdued consumer spending."