Physical Retail = Long-Term Sales Growth Deceleration Trend Physical Retail Sales + Y/Y Growth, USA $4B 6% $3B 3% USA , s le a th S il ow r $2B 0% G Reta /Y l a Y ic s hy P $1B -3% $0 -6% 2000 2002 2004 2006 2008 2010 2012 2014 2016 Volume Growth Y/Y Source: St. Louis Federal Reserve FRED Database. Note: Physical Retail includes all retail sales excluding food services, motor vehicles / auto parts & fuel. 88