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To: Glenn D. Rudolph who wrote (139369)	2/15/2002 11:23:17 PM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164684

<<Excuse me but what source states consumer spending is slowing? I certainly beg to differ. >> Glenn I don't interpret higher gas prices as an increase in retail spending. Most people buy the same amount of gasoline, whether it is $1.20 a gallon or $1.15 "Sales at retail and food establishments overall slipped 0.2 percent last month, Commerce Department data showed Wednesday. " "Sales at gasoline stations, thanks to a return to higher prices, rose 5.1 percent in January after falling in October through December. " "Sales of vehicles and parts fell 4.3 percent in January and have declined over the past few months, the Commerce report showed. Buyers stampeded into dealerships last fall instead, when they could take advantage of zero-interest financing incentives. " "Sales increased at department stores, building supply stores, furniture stores, clothing stores and general merchandise establishments in January. Sales declined at electronics and appliance stores and at restaurants and bars. " excerpted from: Jan. retail sales ex-autos soar 1.2% Higher gasoline prices help fuel jump By Rachel Koning, CBS.MarketWatch.com Last Update: 10:04 AM ET Feb. 13, 2002 cbs.marketwatch.com

To: Glenn D. Rudolph who wrote (139369)	2/15/2002 11:30:40 PM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164684

Another strong indicator that consumer spending is slowing is the paying down of consumer debt in Dec. Credit card debt and other consumer debt dropped in Dec, and this could be a sign that cosumers are finally realizing they are too tapped out to keep spending at this pace. This little noticed fact was very significant to me, because the cosnumer is being hailed as the last resort for this economy. But now obviously, consumers are starting to reign in their spending. Sales of appliances slowed in Jan, even as new home sales remain strong, which struck me as a bit odd.