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“It’s Wall Street’s latest worry: The current state of the American consumer.

Despite a blockbuster June employment report, buffeted by positive auto sales and same-store retail sales numbers, many investors and strategists worry that American consumers just don’t have the cash, or the willingness to spend it, that is required for the recovery to continue.

These concerns have recently come to the fore, as companies from Wal-Mart (WMT +0.38%) to Rent-A-Center (RCII -2.27%) have warned that slack consumer demand will weigh on results.”

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