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To: Lee who wrote (67417)	9/25/1998 10:35:00 AM
From: Mohan Marette	Respond to of 176387

<-Economy-> U.S. consumer spending rebounds in August!I am happy now. Lee: I love it,must be worth a few trillion dollars right there,what is that 70% of the GDP? Yahooooooo! ====================================== WASHINGTON, Sept 25 (Reuters) - Consumer spending rebounded strongly in August from a July drop, the Commerce Department said on Friday, as a return to work by hundreds of thousands of General Motors Corp. workers fattened paychecks. Spending jumped 0.6 percent to a seasonally adjusted annual rate of $5.844 trillion following a revised 0.1 percent fall in July. Personal incomes surged 0.5 percent to an annual rate of $7.172 trillion - the strongest monthly rise since a matching 0.5 percent gain in February and up from a 0.4 percent July increase. Wall Street analysts had forecast August incomes and spending each would rise 0.5 percent. A strike at GM during most of June and July caused plant shutdowns that idled upward of 175,000 employees at the No. 1 automaker and at its suppliers before it was settled at the end of July. Commerce said the August personal income increase "reflects a rebound from the effects of a strike" at GM that it said had slashed wages and salaries in the industry by about $7.5 billion in July and $3.5 billion in June. Total wages and salaries paid by private-sector companies increased by $30.5 billion in August, up strongly from a $20.8 billion rise in July, Commerce said. The gain in August spending was strongly concentrated in costly durable goods, including cars, up 1.1 percent to a rate of $711.2 billion after a 4.6 percent drop in July. Spending on services rose 0.7 percent to $3.456 trillion following a 0.4 percent July gain and spending on nondurables was up 0.2 percent to $1.676 trillion after a 0.7 percent July gain.