After a tepid start to the year, consumer spending appears to be back in full-swing as shown by today’s retail sales numbers. June saw a 0.5% month-over-month increase and a, more importantly, 6.6% year-on-year increase over June 2017. Home purchases have seen a significant bump driven by lower taxes and a strong jobs market in the second quarter. New homes typically lead to additional purchases, especially in the furniture & home furnishings and home improvement categories – which have done well recently. The consumer is continuing to drive the economy and we expect this momentum to continue into the back-half of the year.