This morning we got a strong retail sales report, powered in part by surging car sales.It wasn’t just car sales though. Excluding cars, retail sales grew 0.6%, twice is fast as expectations.
There’s something really impressive about this: September was a horrendous month for the market. The S&P fell over 7% and talk of a double dip reached a fever pitch.
The fact that consumer sales were so strong, including high-dollar items, even in the face of such a confidence headwind, really bodes well for the economy.
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