Retail sales have flat-lined even though employers have added more than 200,000 jobs a month for the past six months. Payrolls increased by 209,000 in July and 298,000 in June. But those gains have yet to meaningfully boost wage growth above inflation, causing spending to be more restrained. Retail sales have increased 3.7 percent over the past 12 months, but economists doubt that spending can grow much faster unless incomes increase. Consumers just dont have the cash flow to finance sustained gains above 4 percent, said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Restoration of Elvis Circle G Ranch Begins The first phase of restoration at Circle G Ranch in Horn Lake, Miss., formerly owned by Elvis Presley, has begun.
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