The personal savings rate fell to 2.6% in April, down from 3.2% in March, continuing a third consecutive monthly decline. The Federal Reserve’s historical series shows 2.6% is the lowest since June 2022 and the second-lowest since April 2008. Consumer spending in core retail sales increased 5.7% year over year in April, while personal income rose 2.5%. The resulting 3.2-percentage-point gap is the widest since 2022, and April marked the 12th consecutive month of consumer spending growth.
#us-consumer-spending #personal-savings-rate #personal-income #economic-growth #federal-reservebea-data
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