zerohedge.com / by Tyler Durden / Jul 28, 2017 12:51 PM
The last two times Americans were saving this little in order to maintain their lifetsyles, the US economy was in recession.
According to newly revised government data, Bloomberg reports that American households scaled back their pace of savings to the lowest level in nine years at the end of 2016 as the growth of their wages and salaries slowed.
The personal savings rate was 3.6% in the fourth quarter of 2016, down from a previously published 4.9%, according to somewhat dramatic annual revisions to gross domestic product and related data, released Friday by the Commerce Department. That’s the lowest reading since a 2.8% rate in the final three months of 2007, just as the U.S. was entering a recession.
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