Table 10. Consumption and Saving Rates: Test for Preexisting Trends.

Labor income	1992 and 1994
	ln consumption	Saving rate
Lower income	−0.0035	0.0353
Standard error	[0.0669]	[0.0605]
Observations	4,450	4,450
Higher income	0.0482	−0.0303
Standard error	[0.0765]	[0.0540]
Observations	1,982	1,982
All in sample	0.0486	−0.0608
Standard error	[0.0535]	[0.0386]
Observations	6,432	6,432

Notes: Standard errors are obtained with the bootstrap method. We refer to those earning less than five times the minimum wage as lower-income workers and those earning more than five times the minimum wage as higher-income workers. The propensity score includes age, gender, education, occupation, number of jobs, total household residents, number of children, total number of men in the household, family type, community size, and regional dummies. ln = natural logarithm.

^***Significant at the 1 percent level.

^**Significant at the 5 percent level.

^*Significant at the 10 percent level.