What a difference a data revision can make. Only a few months ago, economists were pointing out that the slide in the personal-savings rate—saving as a percent of disposable income—was exaggerated because of a problem in the way the number was constructed (BW-June 29). Then, in midsummer, the Commerce Dept. revised the rate downward, from around 3.6% to just 0.6% in the second quarter, setting off alarm bells in the financial markets. If people were really spending virtually all of their income, the reasoning went, a sharp retrenchment in consumer spending could be in the wings.
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