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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Cynic 2005 who wrote (10028)11/2/1998 9:36:00 AM
From: Joseph G.  Read Replies (1) of 86076
 
<<WASHINGTON, Nov 2 (Reuters) - The savings rate of U.S. consumers in September plunged to a negative level for the first time in 60 years as Americans spent heartily despite only modest growth in their paychecks, the Commerce Department said on Monday.

U.S. personal spending jumped 0.5 percent to a seasonally adjusted $5.873 trillion following a revised gain of 0.4 percent in August.

Consumers were willing to open their wallets in September even though their incomes rose by a meager 0.2 percent to $7.174 trillion following a revised 0.4 percent rise in August. September's income gain was the smallest monthly increase since a matching 0.2 percent in April 1997.

The savings rate -- the portion of after-tax dollars left over after spending -- fell to -0.2 percent, the first negative monthly savings rate since the department began reporting the figures on a monthly basis in 1959.

Prior to that, figures were calculated quarterly and the last time there was a negative savings rate was in 1938, when the rate was -2.1 percent, a department official said.

The gain in spending during September matched the forecasts of U.S. economists in a Reuters survey, though the income gain exceeded the 0.1 percent rise that was projected. Analysts have been impressed by consumers' willingness to spend despite financial turmoil in the United States and around the world that has dented confidence in the economy's health. >>
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