Charts of the Week
U.S. Personal Savings Rate
Chart of the Week for September 27, 2019 - October 3, 2019
"The U.S. Bureau of Economic Analysis publishes a monthly measure of the change in Personal Saving, which is defined as the percentage of disposable income individuals save instead of spend. It is calculated as the amount of money left over after individuals spend money and pay taxes. The chart above shows the monthly savings rate for the last three years ended July 2019.
The July savings rate of 7.7% was down slightly from the June rate of 8.0%, but it remains above the ten year average of 7.2%. The recent highs of 8.8% in February 2019 and December 2018 were the highest savings rate since 2012. Economists note that the savings rate has been increasing during the current economic expansion, not declining as in past expansionary periods. Economists also point to the recent tax cut effective in 2018 as one factor, as well as caution amongst consumers who still remember the downturn from 2007-2009, and an aging population preparing for retirement. While saving instead of spending may be positive for individuals, it is not positive for the overall economy that heavily depends on consumer spending."
Posted by: sarah_oz@yahoo.com
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