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11/13/04 2:09 PM

#322062 RE: Zeev Hed #322061

Zeev, What signs are you looking for that will signal to you that consumer is starting to retrench ?

Certainly debt levels are high, and inflation may put a squueze on cinsumer in slow wage growth environment, but spending seems to be relatively robust for the moment, at least based on the retail sales data.

thanks.