Research analyst Austin Smith discusses whether consumer spending data pose a problem for investors. In the second quarter, consumer spending rose only 1.5%, barely keeping pace with inflation. This trend has hurt many quality companies like Coach, Starbucks, and McDonald's. Still, Austin is not very concerned about the effect slowing growth in emerging markets will have on American companies, because these countries are still growing at solid rates. Long term, these companies' prospects have not changed. 

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