U.S. Personal Spending Growth Slows As Savings Rate Jumps Most Since March

A broadly in-line-with-expectations print in US income and spending data (+0.4% MoM and +0.3% MoM respectively) hides a bigger problem for the consumption-driven US economy. For the first time since March, the savings rate increased as US consumers dared not spend above their means (up from 5.5% to 5.7%).

Year-over-year, US spending growth is slowing once again, despite a bounce in incomes...

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