With so much of our economy dependent on the Consumer Discretionary sector, in our opinion it is a topic investors should understand. Please see the Wells Fargo Investment Institute report for more information.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC. Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company. Risks associated with investment in the Consumer Discretionary sector include, among others, apparel price deflation due to low-cost entries, high inventory levels and pressure from e-commerce players; reduction in traditional advertising dollars, increasing household debt levels that could limit consumer appetite for discretionary purchases, declining consumer acceptance of new product introductions, and geopolitical uncertainty that could affect consumer sentiment.