THE BATTALIO
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NATION
THE BATTALION
9A
Tuesday, April 29, 2003
Spending up in March
discount rates
actual return
- 1.141 percent Id
h bills
selling for $9,971,1
percent for a
selling for $9,9421
parate report,
serve said Mo
erage yield for
ry bills fell to 1|
WASHINGTON (AP) —
Even with a war on, Americans
streamed to the shopping malls in
March, boosting spending by the
largest amount in three months.
The Commerce Department
said Monday that consumer
spending rose by 0.4 percent as
fears of worst-case scenarios in
Iraq dissipated with the onset of
the war.
In February, spending had
risen by a lackluster 0.1 percent
after having fallen by 0.1 per
cent in January, reflecting harsh
winter weather and plunging
consumer confidence because of
growing anxiety about the war.
Personal incomes also rose
by 0.4 percent in March, double
the February gain.
Analysts took the increases
as a positive sign that the econo
my, which has been struggling
for months, could start seeing
stronger growth now that the
war is over.
“Given all the worries in
March, the fact that consumers
still spent money provides hopes
going forward we will see
even more visits to the malls,”
said Joel Naroff, chief economist
ofNaroff Economic Advisors.
But analysts also cautioned
t any sustained rebound in
incomes and spending will
require an improvement in the
nation’s job picture, which they
said was still some months off.
Many analysts are predicting
jobless rate, at 5.8 percent
in March, will increase to 5.9
percent or perhaps 6 percent
when the April report is
released on Friday.
Lynn Reaser, chief econo
mist at Banc of America Capital
Management, said she was
looking for the unemployment
report to show another 30,000
jobs lost.
“Jobless claims suggest that
companies are still laying off
workers at a significant pace in
Personal spending
Here is a look at the nation’s
personal spending.
Seasonally adjusted
$7.60 trillion - — -
7.40
7.20
7.00
6.80
6.60
6.40
6.20
6.00 ■
Change from
previous month
March 0.4%
Feb. 0.1%
Jan. -0.1%
A M J JASONDJ FM
2002 2003
SOURCE: Department of Commerce AP
April while only a few compa
nies were hiring,” she said.
However, a drop of 30,000
jobs would be far below the
465.000 combined jobs lost in
February and March.
The overall economy grew
at a sluggish rate of just 1.6 per
cent in the first three months of
the year, but the more opti
mistic analysts believe growth
will strengthen to above 2 per
cent this quarter and 3 percent
or more for the second half of
the year.
Federal Reserve Chairman
Alan Greenspan, one of those in
the optimistic camp, is to testify
before Congress on Wednesday,
an appearance that will be close
ly watched to see if he moder
ates his view on the need for fur
ther tax cuts to bolster growth.
Greenspan earned the ire of a
number of conservative
Republicans in January when he
told Congress he did not think
President Bush’s new round of
$726 billion in tax cuts would be
needed to bolster growth.
Bush, who announced last
week he wanted Greenspan to
serve a fifth term, has contin
ued to lobby vigorously for as
much of his tax cut package as
possible, saying he wants to
achieve the higher $550 bil
lion figure in the House ver
sion of the budget rather than
the $350 billion included in
the Senate bill.
Treasury Secretary John
Snow will be holding a number
of meetings with lawmakers as
Congress returns from a two-
week recession and resumes
work on the tax measure. Snow
remains optimistic of achieving
all the components in the presi
dent’s original bill including the
controversial elimination of taxes
on stock dividends, spokesman
Robert Nichols said Monday.
The Commerce Department
report on incomes and spend
ing showed that the jump in
spending in March included
gains in all categories.
Spending on big-ticket durable
goods, such as automobiles,
posted a sizable 1.5 percent
gain following two straight
months of declines.
Still, the increase was much
more subdued once the impact
of rising prices on purchases of
gasoline and other items was
removed. Adjusting for infla
tion, the March increase was a
tiny 0.1 percent, while
February was transformed from
a gain of 0.1 percent to a
decline of 0.4 percent.
Americans’ disposable
income, the amount left over
after taxes are paid, rose by 0.3
percent in March, following a
0.2 percent increase in
February. But with spending ris
ing at a faster pace, the personal
savings rate dipped slightly to
3.6 percent, down from 3.7 per
cent in February.
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