The US personal savings rate, which shows how much of people’s income is left after they pay taxes and spend money, reached a historic 33 percent last month, as Covid-19 rattles the economy.
Data published by the US Bureau of Economic Analysis on Friday showed that the savings glut soared around 20 percent in just one month and hit the highest levels since tracking began in the 1960s. The current rate is almost twice as high as it was during the 1973-75 recession, when the previous peak of over 17 percent was recorded.
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