On Consumers, The Eurozone & S&P 500 Share Count

August’s rise in retail sales surprised many a hard-lander. We weren’t surprised given our strong outlook for consumer spending, based on the growing labor market and rising real wages. Consumer credit doesn't threaten a balance sheet recession, Eric explains, and dissaving isn't worrying. We see more risk of an overheating economy as the Fed lowers rates than an anemic one requiring monetary support. … Also: Melissa explains the comprehensive plan to jumpstart economic growth in Europe, courtesy of former ECB chief Mario Draghi. … And: Joe shares data on share counts, falling more slowly amid elevated valuations as companies spend more on AI, less on share repurchasing.