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Wage Growth Implies A Rebound For Consumer Spending

Yesterday's update on consumer spending for December looks pretty ugly. Consumption slid 0.3% on a monthly basis in 2014's final month - the first monthly bout of red ink since the previous January and the deepest retreat in five years. The news prompted some pundits to declare that the sky was falling. But the headline number isn't as bad as it looks. Why? Because private sector wages are still rising at a healthy (and slightly faster)…