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American savings are at a 10-year low, report says

Consumer spending is up
American savings are at a 10-year low, report says
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Spencer Platt
<p>People shop along Broadway in Manhattan on January 26, 2018 in New York City. The Commerce Department said on Friday that the economy grew solidly for a third straight quarter late last year on strong consumer spending and business investment. The nation's gross domestic product increased at a seasonally adjusted annual rate of 2.6%.</p>
American savings are at a 10-year low, report says
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Americans are simply not saving as much, the Commerce Department says — a sign economic growth could slow.

Savings fell to $351.5 billion in December 2017, and that is the lowest it has been in 10 years.

The Commerce Department said last week consumer spending has increased, however. It accelerated at a 2.5 percent seasonally adjusted rate in the October-December 2017 period.

That is the fastest acceleration in three years.

U.S. incomes rose 0.4 percent in December, the Commerce Department said.

Copyright 2018 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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