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To: Mohan Marette who wrote (121362)	4/30/1999 9:42:00 AM
From: Lee	Respond to of 176387

Hey Mo,..Re:.US.Economy Instant View Thanks for the pundits' remarks. Looks like they missed an important part of the report, disposable personal income, which is buried in the tables under agenda. How else can we have such robust personal spending without significant wage gains. Notice in the 'addenda' from the quarterly reports that 'disposable personal income' was up 4.6% which conflicts with the 3% reported by ECI yesterday. James Padhina pointed out in his 4/28 article that ECI does not include stock options whereas the productivity numbers do include that measure. Even the employment report released by the BLS on April 2nd shows average hourly earnings up 3.6% YOY. So, what do you suppose is the real number for accelerating wage inflation is? By the way, apparently Mr. Greenspan pays attention to the GDP wage number. Doesn't matter, 5.5% is not a bad long rate and the markets don't seem the least hampered by it yet! <vbg>