'Dismal' personal savings rate could mean trouble as economy slows
Shoppers in the Galleria Mall on Black Friday, the official start of the holiday shopping season, Friday, Nov. 25, 2022 in Houston, TX.Americans may be expecting the proverbial “rainy day” as the Federal Reserve continues its aggressive rate hikes intended to slow the economy – but they aren’t exactly planning accordingly.
Personal income rose 0.7 percent in October compared to September, according to new estimates from the Bureau of Economic Analysis. Most of those gains flowed right back into the broader economy via consumer spending, which increased 0.8 percent over the month. The savings rate, meanwhile, dropped to 2.3 percent in October, the lowest rate in nearly two decades.This may be a reflection of the current economic moment, which is still being shaped by the oddness of the COVID-19 pandemic.
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