e income growth has been modest through 9/30/17. IFigure 8: Consumer confidence expectations high 140 120 100 so 60 40 20 wwwCallorgmce ear Cowumor Cchleence Eneclabent —0404 Con Selma Sane 13044o14 Dont Roombeeg flm IF / Retail still challenged from secular headwinds Figure 9: PCE and income growth less prono