⚠️US personal savings data has been revised down by a whopping $140 billion for 2024
The last 6 months of US savings data have been revised down
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US personal savings have just been revised down by a whopping $140 billion for most of 2024.
The savings rate for August and September were revised down to 4.1% and 4.4% from 4.6% and 4.8% initially reported in October.
Overall, the savings rate for October came at 4.4%, near the lowest since the beginning of 2023 and well below the pre-pandemic levels in 2019.
This is yet another data being substantially revised down over the last 2 years after nonfarm payrolls, job openings, retail sales, and industrial production, and makes things even worse for US household finances which has been analyzed in the below piece.
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