GDP growth has clearly slowed in the third quarter, but consumer spending should enter the final quarter of the year with solid momentum. Retail sales were up +0.7% in September, well above the -0.2% median forecast as shoppers focused less on services and more on goods. Sales in the two previous months were revised upward with July revised from -1.8% to -1.6% and August from +0.7% to +0.9%.

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