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Consumer <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 (%) ChangeRetail Sales rose 0.3%in November after a downwards revision to -0.2%in October,exceeding the -0.1%consensus forecast.On a year- <br />over-year basis, Retail Sales growth accelerated to 4.1%in November from 2.2%in October buoyed by non-store retailers up 10.6%,as <br />well as food services and drinking places up 11.3%.The Conference Board’s Consumer Confidence Index surged to 110.7 in December <br />from 101.0 in November,far surpassing consensus expectations.Positive ratings of job availability and increased confidence in personal <br />income prospects contributed to the substantial increase.While the consumer has been resilient,dwindling excess savings, rising credit <br />card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. <br />0 <br />20 <br />40 <br />60 <br />80 <br />100 <br />120 <br />140 <br />160 <br />Index LevelConsumer Confidence <br />Recession <br />Source: US Department of Commerce Source: The Conference Board <br />All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) <br />7