Financial Fitness

Actions

American savings are at a 10-year low, report says

Consumer spending is up
American savings are at a 10-year low, report says
Posted
and last updated

Americans are simply not saving as much, the Commerce Department says — a sign economic growth could slow.

Savings fell to $351.5 billion in December 2017, and that is the lowest it has been in 10 years.

The Commerce Department said last week consumer spending has increased, however. It accelerated at a 2.5 percent seasonally adjusted rate in the October-December 2017 period.

That is the fastest acceleration in three years.

U.S. incomes rose 0.4 percent in December, the Commerce Department said.

Sign up for the Headline Newsletter and receive up to date information.