"Back to School" Blockbuster Retail Sales

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Blockbuster Retail Sales on a better than expected report and strong revisions to the prior month. The grave concern about the demise of the consumer has been greatly exaggerated. Let’s look at this in a little more detail. Retail Sales, that was initially reported to have had no growth in July, was revised up to a healthy 0.3 percent and on top of the August Retail Sales that doubled the newly revised July pace rising 0.6 percent. Auto sales were the big driver in August, apparently parents want their kids in nice and safe cars going back to school, rising nearly ten percent compared to one year ago. Meanwhile the bond yields are moving up fast on rising economic growth with the ten year yield breaking 2.60 percent in today’s action. Please see Voya Global Perspectives Consumer as "Game Changer" and Retail Sales on page 13.

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