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Consumer <br />Retail Sales YOY % Change <br />60.0% <br />50.0% <br />40.0% <br />30.0% <br />t 20.0% <br />10.0% <br />0 0.0% <br />-10.0% <br />-20.0% <br />-30.0% <br />4 0 <br />q <br />d`19 g19 G19 <br />Source: US Department of Commerce <br />APb')O ") <br />0 <br />')0 �1 �1 <br />140 <br />130 <br />120 <br />a� <br />J 110 <br />x <br />a� <br />c 100 <br />90 <br />80 <br />l9 _9 <br />Source: The Conference Board <br />Consumer Confidence <br />OPc19 �� ✓4� �O SPa�O O�c�O �ar� ✓4� �1 <br />O l <br />On aye a r-over-ye a rbasis, retail sales were up 28.1% in May versus up 53.4% in April. The yea r-over-yeargains are distorted by the drop-off in <br />spending and activity at thee a rly stage of the pandemic Iastyear. On a month -over -month basis, retail sales declined 1.3% in May, following a <br />0.9% increase in April. Retail sales have been somewhat uneven on a monthly basis due to the timing of fiscal stimulus and economic <br />reopening. Overall, we believe consumer spending remains healthy and consistent with an ongoing recovery in economic activity. The <br />Consumer Confidence index jumped to 127.3 in June from 120.0 in May, reflecting a strong view of current conditions and a more upbeat <br />outlook. <br />7 QtJ <br />16 <br />