ML-Implode News - Americans are saving less as income lags spending

As average wage hikes across the U.S. continue to lag increases in spending, Americans are savingÂ less or dipping into bank accounts to fuel their outlays. Some economists say that's an unsustainable dynamic that portends a downturn in consumer spending, which has been driving economic growth.
In the second quarter, households saved 3.8% of their disposable income, down from an average of about 5% last year and 6% in 2015, according to revised figures released by the Bureau of Economic Analysis last week. In 2007, before the recession began, Americans were socking awayÂ about 3% of their after-tax income. But during and after the downturn, cautious consumers sharply scaled back their borrowing and saved more.

As we never tire of harping, even Americans' so-called "savings" is usually just paying down some debt (or taking less out)...

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Americans are saving less as income lags spending