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Saturday, September 17, 2011

Wells Fargo's Weekly Economic & Financial Commentary- September 16, 2011

- Retail sales were flat in August, as auto sales declined 0.3 percent following a 6.0 percent increase during July.

. This week’s retail sales report reinforced our view that consumer spending will remain constrained and grow at about a 1.5 percent annual pace through the end of this year.

- Consumer prices for the month of August rose more than expected, jumping 0.4 percent due to higher food and energy prices.

. Core inflation increased in August as strong demand for rental properties fueled higher prices, a trend we expect to continue.

- Industrial production was stronger than expected in August, rising 0.2 percent for the month due to increased automobile production.

- In light of this week’s information, we believe that GDP growth is tracking at around a 1.8 percent annual pace for the third quarter.

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