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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Mark Adams who wrote (114669)7/27/2001 12:41:57 PM
From: Mark Adams  Read Replies (1) of 436258
 
From a Merrill Lynch report re GDP

• This GDP report included benchmark revisions to the last three years of data. Most of the revisions were not very important.

• However, personal savings was revised up by $150 Billion. The savings rate was revised from –1.2% from the first quarter to +1.2%. We had been anticipating this as there is a three-year lag to tax return data. The 1998 tax return data led to this $150 Billion revised savings. As we get 1999 and 2000 info we believe the savings rate will be revised upward by hundreds of billions of dollars.

• We believe that Americans are not in a distressed situation and we don’t believe this will be a constraint in a pick up in consumer spending.
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