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To: chuckie who wrote (55734)	8/3/1998 10:00:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

Asia schmasia-We are doing fine thank you very much. chuckie: This Asia thing is beginning to p$# me off, at some time we have to de-couple from this Asia worries,my god it has been going on for over a year now and we all know it is going to be a drag on the U.S economy. We know it knocked off couple of points off of our GDP in Q2 and we also know it will continue for another 2,3,4 years before we see a turn around in S.E Asia.Japan has been screwing around with their faltering economy for a while now and no amount of cajoling,hand holding,arm twisting does not seem to do any good,time to leave'em alone and let'em be to find their own solutions I say 'cos we can be worrying about these goof balls every waking hour of the day and night.By now we should have a better understanding of the impact and with today's NAPM numbers and the like should give further insight into the problem,I say time to put a number on it and move on,sheeeesh. Now for the good news... Aug 3 1998 8:30AM - Bloomberg News U.S. June Personal Income Rose 0.2%; Spending Rose 0.6% Washington, Aug. 3 (Bloomberg) -- U.S. consumer spending and incomes rose in June, further evidence domestic demand can offset Asia's economic drag over the coming months. Spending rose 0.6 percent in June -- led by a second straight monthly surge in purchases of durable goods -- after increasing a revised 0.9 percent in May, the Commerce Department reported. May's increase was the largest since July 1997. It was previously reported as a 0.6 percent gain. Incomes rose 0.2 percent in June after climbing a revised 0.4 percent in May, first reported as a 0.5 percent increase. Analysts had forecast that incomes rose 0.2 percent and spending rose 0.4 percent in June. ''You'd certainly be hard pressed to show any slowdown in the economy given the spending data,'' said Diane Swonk, deputy chief economist at First Chicago, NBD. The income and spending numbers were no surprise to analysts, given that they'd already been used to compile the advance report on second quarter gross domestic product, released Friday. GDP expanded at a 1.4 percent annual pace during the quarter, as consumer spending helped offset reduced Asian demand for U.S.-made goods. Personal consumption rose at a 5.8 percent annual rate, almost equaling the 6.1 percent pace in the first quarter. Since the GDP report was released, the latest income and spending information ''is of limited importance,'' said Elias Bikhazi, chief economist at I.D.E.A. in New York..... earthlink.snap.com Thanks for listening I think I am calming down now.<VBG> PS:mind you I could be way off base here as always.