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To: Real Man who wrote (68441)	4/30/2001 11:05:45 AM
From: Rarebird	Respond to of 116764

Personal income rises 0.5 percent Monday, April 30, 2001 09:33 AM EDT WASHINGTON, Apr 30, 2001 (United Press International via COMTEX) -- A new report from the Commerce Department Monday showed that personal income grew 0.5 percent in March while personal spending rose 0.3 percent. Most economists on Wall Street were expecting personal income to rise 0.5 percent after rising a revised 0.5 percent in February, which the government originally reported as rising 0.4 percent. Economists were expecting spending to rise only 0.2 percent after rising a revised 0.2 percent a month earlier, which was originally reported as rising 0.3 percent. Consumer spending, which accounts for two-thirds of the nation's economy, surged 1.0 percent back in January as consumers bought discounted clothing, autos and other goods. Analysts said that purchasing has since lost momentum because of rising unemployment and a drop in confidence in the economy. Analysts noted rising job cuts are the biggest threat to consumer spending. Experts added the steady gains in spending and income should comfort Federal Reserve Chairman Alan Greenspan, who has worried that weak spending could tip the U.S. economy into recession. The latest report from the Commerce Department showed spending on durable goods, or items meant to last three or more years fell 1.1 percent during March. Spending on non-durable goods such as clothing was unchanged in March after falling 0.5 percent in February. Spending on services, which make up more than half of the report, rose 0.7 percent during the month after rising 0.2 percent in February. As consumers' incomes rose slightly faster than spending in March, the personal savings rate improved to a negative rate of 0.8 percent for the month, compared with negative 1.0 percent in February. The negative savings rate suggests consumers continued to borrow or liquidate assets to maintain spending levels. However, the savings rate does not account for gains in retirement plan assets or wealth tied up in people's homes. Copyright 2001 by United Press International. News provided by COMTEX comtexnews.com