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To: Art Bechhoefer who wrote (121072)	6/28/2002 2:45:36 PM
From: carranza2	Read Replies (3) \| Respond to of 152472

Here's more evidence that the savings rate is going up. It went up to 3.1% in May from 2.8% in April. While it's still low by historical standards, the trend is towards a higher savings rate. This undercuts the basis for Richebacher's predictions to some extent. news.ft.com Friday Jun 28 2002. All times are London time. Subscribe to FT.com Username Password Subscribe now To explore our exclusive features take a tour Home US \| UK \| Global World Business Markets Industries Investing data & tools Lex Comment & analysis Surveys Culture & sports In today's FT Site services Other FT sites FT Investor FT Yourmoney FT Fund Ratings FT CareerPoint Company finder Get free company, financial and competitor information. Enter company name or ticker. For further company information click here. Partner sites Business.com Hoover's Online Les Echos FT Deutschland Recoletos Vedomosti CBS MarketWatch Home US Print article \| Email US personal spending slows as savings rise By Peronet Despeignes in Washington Published: June 28 2002 14:34 \| Last Updated: June 28 2002 14:34 US personal spending dipped last month for the first time since November, though income showed modest growth, according to official data released on Friday. The commerce department said spending shrank 0.1 per cent in May - after five months of gains and a 0.6 per cent jump in April. Income grew 0.3 per cent, a slight pick-up from April's 0.2-per cent gain. The personal savings rate rose a bit, to 3.1 per cent from 2.8 per cent in April. The figures are consistent with earlier reports suggesting that the economy's growth had slowed since its sharp first-quarter rebound from last year's recession. However, recent weekly reports indicated spending might have picked up in June. Meanwhile, Friday's seasonally adjusted figures followed reports earlier this week suggesting the Federal Reserve has not been unsettled by the apparent slowdown of the recovery. Minutes from the May 7 meeting of the Fed's open-market committee (FOMC) showed policymakers did not regard slowdowns as all that unusual as part of recoveries. They expressed confidence in an eventual reacceleration of growth, though they did worry about risks posed by the ongoing slump in business investment. Separately, the University of Michigan upwardly revised its reading of US consumer confidence this month, but that revision still showed confidence had dropped significantly in June, under the weight of stock market turmoil, geopolitical uncertainty and job insecurity. The university's consumer sentiment index, based on a survey of roughly 500 US households, fell to 92.4, instead of the previously reported 90.8, from a reading of 96.9 in May.