ML-Implode News - $2 gasoline isn't having the economic impact everyone thought it would

... consumers aren't responding to falling gasoline prices with the usual shopping gusto. Instead, the economy has slowed to a lackluster annual rate of 2 percent in the third quarter, confounding the Federal Reserve and souring Americans on the recovery that President Obama has tried to portray as one of his principal achievements.
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So what's wrong? Kathy A. Jones, Schwab's chief strategist on credit markets, said that consumers have increased their savings as oil prices have dropped. And as the savings rate has gradually edged higher, Jones said, the use of credit cards has declined. According to the Bureau of Economic Analysis, the personal savings rate climbed to 5.6 and 5.5 percent respectively in October and November, the highest rates in three years.

"Savings"... AKA, paying down debt...

Relevant:

$2 gasoline isn't having the economic impact everyone thought it would