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This morning’s revision to Q3 GDP was a bit weaker than expected, with consumer spending coming in lower than in the previous estimate.
But it’s not a big deal. First of all, that was for the quarter ending in September.
Second, the connection between retail sales and consumer spending is pretty solid over time, and already we know the numbers are coming in strong for Q4. So relax.
Big thanks to Ellen Zentner at Mitsubishi Financial for sending out this chart.
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