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Consumer Spending Deteriorates In September; BofA Finds No iPhone 7-Linked Sales Jump

Over the past few months, the Bank of America report on internal debit and credit card spending has become arguably the most accurate predictor of any given month's government retail sales print. Recall that last month's report, as noted in "The US Consumer Taps Out: BofA Internal Credit Card Data Shows Retail Spending Tumbles", showed a substantial slowdown in US consumer spending, an observations which was confirmed just days later by a very disappointing retail sales report from the Department of Commerce.
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