Americans’ saving rate now down to 0.2%
“The result of this increase in consumption on the back of growth in income is that the savings rate fell to 0.2 percent,” noted Drew Matus, U.S. financial markets economist at Lehman Brothers.
“That means for a person earning $40,000 per year they are saving $80. Put another way, that person is saving a little over $1.50 per week.”
For some reason, it cracks me up that there’s an ad for morgage refinancing right next to that excerpt.