The reports out today confirm what early data have said about the August economy: It was lousy. The control group of retail sales -- excluding cars, gasoline and building materials that goes into GDP -- fell 0.1% last month as consumers had to pay more for gasoline leaving less cash to spend elsewhere. And industrial production plunged a larger-than-expected 1.2% with many sectors shrinking. If the Fed hadn't already announced QE3 on Thursday, today's data probably would have pushed them to do so.
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