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On its face, the retail sales report from the U.S. Census Bureau for June showed some weakness, with the headline number rising 0.2% last month versus forecasts for 0.5% and May’s 0.5%. However, the retail sales “control group” – which filters out some components to compile a more precise gauge of consumer spending – rose 0.6% in June, more than double May’s pace and far ahead of estimates for a decline of 0.3%.
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