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To: Frank Pembleton who wrote (91962)	7/5/2001 5:00:37 PM
From: isopatch	Read Replies (1) \| Respond to of 95453

Commerce Dept. admits stat error on Monday. WASHINGTON (Reuters) - The Commerce Department on Thursday revised down its figures for U.S. consumer spending in May to a smaller 0.3 percent increase to correct a glitch in data released earlier in the week. In its monthly report on personal income and spending released on Monday, the Commerce Department had said consumer expenditures were up a larger-than-expected 0.5 percent. That had led some economists to up their estimates of second quarter economic growth. Economists polled by Reuters had expected only a 0.4 percent gain in May spending. In a release issued Thursday afternoon, Commerce blamed its misstatement of the current-dollar spending figures on an unspecified ``computational error.'' The change also affected Commerce's gauge of personal saving. The department revised it to a negative 1.1 percent from the previously reported negative 1.3 percent. A negative saving rate means consumers either sold off assets or borrowed to maintain spending levels. biz.yahoo.com (courtesy of SI member Challo Jeregy)