Households' personal savings rate has slowed, according to Wells Fargo economists.
Americans are saving less at their lowest pace in more than a year, and are apparently spending more than the growth of their incomes, according to an analysis by Wells Fargo that was shared with Newsweek.In February, the personal savings rate hit 3.6 percent, 'marking the lowest rate at which households saved in 14 months,' Wells Fargo economists noted in the Thursday report, adding that spending outpaced income growth for the month.
Wells Fargo analysts say that wealthy and less wealthy consumers are still able to spend, but those in the income bracket below that may begin to feel the pinch.They cited Federal Reserve Bank of New York data that point to delinquency rates rising among young and low-income Americans as evidence that low-income consumers are spending more than they are able to save, or even afford.
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