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PNC ECONOMIST: CONSUMERS DIG INTO SAVINGS TO SUPPORT SPENDING

 PITTSBURGH, July 30 /PRNewswire/ -- The Department of Commerce/Bureau of Economic Analysis and Bureau of Census today released the June income and spending figures and new one-family houses sold and for sale for the nation.
 According to Stuart Hoffman, PNC Bank's (NYSE: PNC) chief economist:
 -- "Consumers dug into their savings to support a solid gain in spending in June. Despite a tiny drop in income last month, consumer spending rose by 0.6 percent, and their savings rate fell to just under 4 percent.
 -- "Despite a downbeat attitude about the economy, consumer spending jumped last quarter paced by strong sales of new cars and light trucks.
 -- "New home sales rose during the spring quarter, capped off by a strong gain in June. The lowest mortgage rates in 20 years are spurring sales of homes, despite consumers' job insecurities.
 -- "Strength in the auto and home building industries will keep the economic expansion on a moderate growth track for the rest of this year."
 /delval/
 -0- 7/30/93
 /CONTACT: Cindy Jergan of Ketchum Public Relations, 412-456-3584, for PNC Bank/
 (PNC)


CO: PNC Bank Corp. ST: Pennsylvania IN: FIN SU: ECO

DM-KC -- PG008 -- 7716 07/30/93 11:53 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
Words:198
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