US Savings Rate Plummets as Consumer Debt Surges, Retail Sales Pop

Net saving as a percentage of gross national income has been in negative territory for three consecutive quarters.

This illustration picture shows debit and credit cards arranged on a desk in Arlington, Va. on April 6, 2020. Olivier Douliery/AFP via Getty Images

The personal saving rate has been on a downward trend since hitting an all-time high during the pandemic, fueled by higher consumer prices, real wage growth’s falling behind the cost of living, and rocketing borrowing costs.

In November, the personal saving rate—a percentage of disposable personal income—was 4.1 percent. It has been below 5 percent since June 2023.