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