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CONSUMER <br />60.0% <br />50.0% <br />40.0% <br />30.0% <br />.2 20.0% <br />u <br />10.0% <br />0 0.0% <br />-10.0% <br />-20.0% <br />-30.0% <br />Retail Sales YOY % Change <br />....II1 E•11111 111111111111111111111....mbil ■INE... <br />11 <br />es79 �P4_3 �4��0 �P6c) �4�_1 �P6�� 9��� �Pb�l' 1��S �sr �4A <br />Source: US Department of Commerce <br />160 <br />140 <br />120 <br />100 <br />80 <br />60 <br />40 <br />20 <br />0 <br />CM <br />Consumer Confidence <br />■ Recession <br />CHANDLER <br />ASSET MANAGEMENT <br />i <br />AA,m, <br />SP S' J S' S�, So So So So So So <br />ao ,ao .ate ,ate ,a, A ,ate 4, te te a� <br />St 6 8 0 s7 •6 8 o , <br />Source: The Conference Board <br />All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) <br />Retail Sales grew more than expected month -over -month in August at 0.1% after growth of 1.1% in July. On a year -over -year basis, Retail <br />Sales grew 2.1% in August versus 2.9% in July. Control -group sales, which are used to calculate gross domestic product, rose 0.3% month - <br />over -month in August after last month's data was revised higher to an increase of 0.4%. E-commerce contributed the most to the <br />increase. The Conference Board's Consumer Confidence Index for September came in below expectations, contracting to 98.7 after an <br />upward revision to 105.6 in August. The decline reflects recent softening in labor market conditions, and less optimism about the job <br />market and income growth. While the consumer has been resilient, consumption has begun to moderate in the face of declining savings <br />rates, growing credit card debt, higher delinquencies, and a moderating labor market. <br />7 <br />26/87 <br />