Bob CollinsA few years ago, when the economic experts were lamenting Americans’ unwillingness to save money, this news today would’ve been greeting with smiles.
Personal savings surged in December to 3.6 percent of disposable income from 2.8 percent in November, the largest rate since May 2008.
But context is everything:
The Commerce Department said spending decreased by 1.0 percent after falling by a revised 0.8 percent in November.
The report from the Commerce Department also said Americans’ personal income is dropping, even as we save more of less of it.
Wall St. opened lower.
