The personal savings rate in the U.S. fell to 2.9% in July, the lowest in two years. Savings as a percentage of disposable personal income are now at the second-lowest level since the 2008 financial crisis.

The savings rate has been declining for 14 straight months.

For comparison: the average savings rate during the 2009–2019 period was around 6.0%, and in the 1980s, it was around 11.0%.

Amid high inflation, wage growth has slowed, leading to record credit card usage and low savings rates.

Do you feel the recession?

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