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To: JF Quinnelly who wrote (4603)	8/28/1998 9:08:00 AM
From: Joseph G.	of 86076

<<U.S. consumer spending fell in July WASHINGTON, Aug 28 (Reuters) - Consumers cut their spending in July for the first time in more than two years, the government said on Friday, as the strike at General Motors Corp. (GM - news) not only slowed growth in incomes but also caused shortages of popular new-car models on dealers' lots. The Commerce Department said spending fell by 0.2 percent last month to a seasonally adjusted annual rate of $5.798 trillion -- the first monthly decline since a 0.3 percent fall in June 1996 -- after a 0.6 percent increase in June. Incomes grew by 0.5 percent to an annual rate of $7.137 trillion after a revised 0.3 percent June gain. Wall Street economists had forecast that July spending would be flat and that incomes would grow by 0.3 percent. The July spending decrease was wholly concentrated in durable goods, especially cars, but full GM production has since resumed so that consumers can once again find the models they prefer. The strike at General Motors, which lasted nearly eight weeks and was only settled at the end of July, temporarily idled upwards of 175,000 employees at GM and its suppliers. The Commerce Department said the work stoppage had reduced wages and salaries for autoworkers by $3.5 billion in June and by $7.5 billion in July., rippling through the economy in reduced spending that helped slow the pace of overall expansion. The departmetn said spending on durable goods -- costly items like appliances and computers as well as cars that are designed to last three years or more -- plunged 5.2 percent in July to an annual rate of $698.3 billion after a 1.7 percent rise in June. U.S. automakers previously indicated unit sales fell sharply in July as financing incentives expired and popular GM models became scarce because of production cuts during the strike. But July spending on nondurable goods gained 0.4 percent to $1.664 trillion after being flat in June and spending on services was up 0.5 percent to $3.436 trillion following a 0.7 percent June increase. >>

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