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The money Americans are putting into savings has reached its lowest point this year, the government’s Bureau of Economic Analysis reported today.
At 2.8% of disposable income in April, personal savings sunk to its lowest rate since December.
The rise in outgo outpaced the increase in income for the second month running.
BEA indicated a major reason expenditures rose in April was Americans were paying more at the pump.
An increase in consumption beat a hike in personal income in April over March of .6% versus .4%.
For March versus February, consumption inched up .5% while income growth lagged behind at .2% .
