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Savings Rate Rises To Highest Since April As Spending, Income Growth Drops

The mid-year bounce is over. Both Personal Income (+0.1% vs +0.2% exp) and Personal Spending (+0.1% vs +0.2% exp) missed expectations and slowed dramatically. This is the weakest spending growth since January and weakest income growth since March driving the savings rate to its highest since April.

 

Spending and Income slow dramatically...

 

sending the savings rate lower...

 

Charts: Bloomberg