Is The Largest Weekly Inflow Into Bank Savings Accounts On Record, A Flashing Red Alarm?
Tuesday, November 20, 2012 20:40
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from Zero Hedge
When one thinks of America, the word “savings” is likely the last thing to come into a person’s head, for the simple reason that the vast majority of Americans don’t save: recall that in September the personal savings rate dipped to 3.3%, the lowest since 2009 save for one month.
On the surface this makes sense: the average US consumer, tapped out, with more spending than income, has no choice but to max out their credit card, and eat into whatever savings they may have.
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