It looks like there's a positive side to the economic slump after all: Consumers are quickly changing their spendthrift ways.
During the second quarter, Americans lifted their savings rate to 2.6% from a pitiful 0.3%, while real consumer spending net of medical care, food, and utilities clocked in at only 0.8%. It's "a vivid sign that frugality is now replacing frivolity," in the words of Merrill Lynch economist David Rosenberg.
This means healthy market-share gains for private-label groceries from companies like Supervalu, Kroger, and Safeway. The transition away from expensive brands is especially noticeable
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