![]() ![]() In June, the saving rate fell 4.2 percentage points from May to 19%, the Bureau of Economic Analysis said Friday. ![]() The saving rate usually goes up when there’s a decline in general economic activity, but it can quickly fall back down when there are positive signs of growth, according to a 2018 Congressional Research Service report. Over the last 10 years, it has hovered in the 6-8% range. Louis shows the previous record American saving rate was 17.3% in May 1975, at the tail end of a recession spurred by rocketing gas prices, government spending on the Vietnam War, and a Wall Street stock crash. ![]() At the same time, consumer spending fell 12.6% as the economy slowed down and unemployment rose.ĭata from the Federal Reserve Bank of St. personal saving rate - the percentage of people’s income remaining each month after taxes and spending - skyrocketed to a record 32.2% in April, up from 12.7% in March, according to the U.S.
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