In these ways, Global Insight found, Wal-Mart increased net consumer purchasing power by $118 billion last year, translating into savings of $401 a person.

Global Insight found that Wal-Mart paid wages no lower than the average retail wage in the communities where it does business.

Households are now spending about $550 billion a year on energy, up by about $150 billion since the start of last year, according to Global Insight.

"I don't think there's anything scary about what's happening in the housing market," Patrick Newport, an economist with Global Insight, said.

Wal-Mart, the first big retailer to get a handle on its inventory, hired economists at Global Insight to estimate how much it had saved consumers.

And kudos to you for not quoting Global Insight, Capital Economics or any economist from an investment bank.

A study by Global Insights research found that modern retailers such as Walmart create jobs directly, indirectly and by induced effects.

Global Insight expects inflation to retreat below 2 percent in 2004, he said.

Joseph Kasputys was the chairman and main shareholder in Global Insight and led the acquisition.

"What this tells us in terms of the fundamentals is the road looks fine," said Brian Bethune, an economist at Global Insight, a research firm.