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Rich Americans Less Confident in Economy

Rich Americans Less Confident in Economy
Mon Apr 25, 2005 12:23 AM ET

NEW YORK (Reuters) - Wealthy Americans felt less secure in the economy's strength in the latest quarter, but their fears are unlikely to thwart spending and investment plans, a survey published on Monday found.

McDonald Financial Group said its Affluent Consumer Confidence index fell to 50 this month from 55 in January, when the poll was last conducted.

"The affluent demonstrate a decline in confidence since last quarter, but indicate their spending and investing will remain strong over the coming three months," said David Legeay, senior vice president at McDonald Financial Group, part of KeyCorp.

Strong spending might help bolster the economy at a time when many analysts are nervous about a possible slowdown in growth.

The McDonald Financial survey is based on a national survey of randomly selected individuals with investable assets of $500,000 or more, and/or annual personal income of $150,000 or more.


LINK: http://www.reuters.com/newsArticle.jhtml;jsessionid=I0TJ1XEQY1FDOCRBAEKSFFA?type=businessNews&st...