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Retail sales are strong -- another V-sign

Here's yet another V-sign (and a very graphic one at that): the impressive strength in retail sales over the past six months. This, despite 10% unemployment and a significant amount of "resource slack" in the economy. What it means is that there are still an awful lot of people working; they have been working harder and more productively, and their incomes have been rising faster than inflation. In addition, their confidence in the future has risen, so some of what they are spending is money they had hoarded last year when the future looked disastrous.

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