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Retail sales edged higher in February,but there are signs that higher gas prices are impacting discretionary spending.On a year-over-year <br />basis,retail sales were up 17.6%in February versus up 14%in January.On a month-over-month basis,retail sales moderated,rising 0.3%in <br />February versus an upwardly revised increase of 4.9%in January.Excluding vehicles and gas,retail sales were down 0.4%month-over-month. <br />Although inflation threatens to put a dent in expected growth,we believe high levels of consumer savings along with improvement in the <br />health situation and continued improvement in the labor market should provide a healthy tailwind for consumer spending.The Consumer <br />Confidence index rebounded to 107.2 in March following declines in January and February,primarily driven by positive assessments of <br />employment. However, while consumers’ evaluations of the present situation was strong, future expectations have been deteriorating. <br />Source: US Department of Commerce Source: The Conference Board <br />-30.0% <br />-20.0% <br />-10.0% <br />0.0% <br />10.0% <br />20.0% <br />30.0% <br />40.0% <br />50.0% <br />60.0% <br />Retail Sales YOY % Change <br />YOY (%) Change80 <br />90 <br />100 <br />110 <br />120 <br />130 <br />140 <br />Index LevelConsumer Confidence <br />Consumer <br />6