Retail sales were reported this morning up 0.5% for October and up a robust 7.2% on a year over year basis. The growth in consumption has been pretty spectacular, especially compared to wage growth as demonstrated in the chart below.
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A caveat about the chart above: the scale can be a bit misleading given that each series is plotted on a different axis. Also, wages (right axis) is an annualized number while retail sales is monthly.
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