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Employment/Wages Good, Yet Concerns Remain

We have to remember that one can’t make too much out of one month of data, but we’ve seen a couple of reports that make us wonder if the consumer’s knees are buckling a bit. For example, consumer spending in August rose by only .1% after a .5% reading in July and the fastest quarterly growth in 4.5 years during the 2nd quarter. The last round of tariffs on Chines goods targeted consumer goods, and many analysts are speculating that they are causing the consumer to change their outlook. As we said earlier, it is too soon to make a solid conclusion that the consumer is hunkering down. We are only one month removed from the historic highs for consumer spending and sentiment, and the employme


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