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For 12 straight months, there was a monthly decline in the percentage of money we are saving, which, according to Standard & Poor's chief economist David Wyss, is pretty worrisome.
One of the basic problems in this data is that consumer spending continues to outpace income. The saving rate is now down to -1.7%. We can't continue to do that, we can't continue to leave this part beyond our means, and that means the consumer has got to slow down.
According to the Commerce Department, both personal income levels and consumer spending levels were both up in the month of May.
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Power changes and mergers are creating a number of new mega stores, but there is no surprise when it comes to the retailer who's tops on this year's Top 100 list.
Wal-Mart leads the way. It's the top retailer according to Stores Magazine. The Arkansas-based company saw a 9.5% sales gain or a little over 315 billion dollars. Two recent mega mergers caused some shuffling on the Top 100 list of leading US retailers.
Since the marriage between Sears and K-Mart. Sears Holding soars to No.4 out from 9th place last year. Federated Department Stores ranked 20th in 2005 is now 14 after merging with May.
Liz Kennedy, CNN.
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President Bush today nominated Frederic Mishkin, currently a professor of the Banking and Financial Institutions at Columbia University's Graduate School of Business, to serve on the Federal Reserve Board.
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The Big Apple and Snapple are heading to court after the drink maker sued the city for inaccurate revenue projection.
The city signed a 5-year deal in 2003 that allowed this beverage company to have its vending machines in all its buildings. They expected it to produce 36 million dollars in revenue over 5 years. Now it looks like it's going to produce 2.4 million dollars.
CNN's Andy Serwer.
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Meanwhile, French law-makers are taking a little nibble out of Apple computers. The legislature gave final approval to government-backed legislation which could force Apple to make the i-Pod music player and i-Tunes on-line store compatible with rivals' offerings.
With CNN Radio in the Marketplace, I'm Michelle Wright.
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