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Business spending data shows there could be possible upside surprise in retail sales

Key Points
  • Consumers continued to shop a lot, driving online sales sharply higher, and spending dollars at home remodeling stores, general merchandise retailers and grocery stores.
  • September retail sales are expected to be strong, rising 0.7% and edging above the level consumers spent a year ago, but business-to-business spending data suggests it could be even stronger.
  • Retail spending is one area of the economy that has had a V-shaped rebound after the economic shutdowns in March and April.

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