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By HaleStewart December 13, 2013 8:45 am
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US Consumers Remarkably Resilient

Above is a chart of the year over year percentage change in personal consumption expenditures (PCEs; blue) and retail sales (red).  The retail sales numbers are typcially presented in monthly fashion.   The above chart uses an average of each three month period to provide a valid comparison.  Notice that both figures have been consistently strong for the duration of this expansion.

But the chart I find most fascinating is the year over year percentage change in auto and light truck sales.  These numbers have also been averaged into quarterly form to make the chart a bit easier to read.   But notice the sheer strength of the above numbers; they indicate that auto purchases are in good shape.  More importantly, they've been consistently good.  While we should remember that auto sales are rising from a low bottom making the initial YOY comparisons easy, the strength has continued for the duration of this expansion.

Hale Stewart is a former bond broker who has been writing about economics and financial markets since 2006 on the Bonddad Blog.  He is also a tax attorney with a domestic and international practice while also forming and managing captive insurance companies for US companies.   You can follow him on twitter at:@captivelawyer

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