Economic Report: Inflation is forcing people to use up their savings in a bad sign for the economy

by | Oct 1, 2022 | Stock Market

Turns out Americans aren’t sitting on a big pile of savings to help them endure high inflation or another recession. The U.S. savings rate fell to a 14-year low of 3% in June and was still just 3.5% at the end of August, updated government figures show. That’s a lot lower than previously reported — and it could have big implications on whether the economy can avoid a second recession in four years.

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