12.01.22

U.S. Savings Rate Falls to 17-Year Low Amid Relentless Inflation

by: Molly Smith

Americans are saving at the lowest rate since 2005, underscoring how inflation and higher borrowing costs are thinning out financial cushions. The personal savings rate as a share of disposable income dropped to 2.3% in October, according to a new report from the U.S. Commerce Department. The report also showed that inflation-adjusted spending remained strong despite elevated, yet moderating price pressures.

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