Americans’ savings rate falls to lowest level since 2022
Summary
The savings rate for Americans dropped to 2.6% in April. This is the first time it has gone below 3% since June 2022.Key Facts
- The savings rate measures the percentage of income that people save rather than spend.
- In April, Americans saved only 2.6% of their income.
- This rate is the lowest since June 2022.
- A lower savings rate means people are spending more or saving less of their income.
- Changes in the savings rate can affect the economy by influencing how much money people have for future needs.
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