Americans' personal income was unchanged in September, while spending went up 0.4 percent, the Commerce Department reported. The news that income did not rise from the August level reflects the impact of Hurricane Floyd, analysts said. In August, income rose 0.4 percent and spending was up 0.8 percent. The nation's savings rate, which had dipped to record lows this year, was recorded at 1.6 percent in September. That reflects new calculations of the nation's gross domestic product that have a positive impact on savings.
While denying any guilt in a corruption scandal, the finance minister of France resigned "to be able to explain myself" to law-enforcement authorities. Dominique Strauss-Kahn is alleged to have accepted almost $100,000 in fees between 1994 and 1996 for consulting work he never performed for France's largest student health-insurance fund. Several ex-officers of the fund are under formal investigation, although Strauss-Kahn is not. Strauss-Kahn, who's credited with lowering the national unemployment rate and was a key player in the successful launch of the euro, the new single currency of the European Union, is to be succeeded by Budget Secretary Christian Sautter.
(c) Copyright 1999. The Christian Science Publishing Society