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Retail sales growth in Indonesia moderated only modestly in February, in the face of Omicron.
The levels catch-up remains intact, but growth will sag further, as inflation now is hitting confidence.
Job market slack will keep real incomes in the red; unemployment will fall only as far as 6% this year.
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January, real incomes, retail sales, retail sales growth, sales growth, vat, wage growth, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence