🔶 BREAKING: The US personal savings rate dropped to 2.9% in July, its lowest in 2 years 📉.

🔶 Savings as a percentage of disposable personal income is now at its second-lowest level since the 2008 Financial Crisis.

🔶 The savings rate has been in decline for 14 consecutive months ⬇️.

🔶 For perspective, savings rates averaged ~6.0% from 2009-2019 and ~11.0% in the 1980s 📊.

🔶 With high inflation and stalled wage growth, consumers are increasingly relying on credit cards, contributing to historically low savings rates 💳.

🔶 Many consumers feel like the economy is in a recession 🛑.

#Economy #Inflation #Recession #Finance #USNonFarmPayrollReport