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US Savings Rate Falls to 17-Year Low Amid Relentless Inflation

RF Tax/Financial/Banking/Wealth

Source: Moment/Getty Images

Americans are saving at the lowest rate since 2005, underscoring how inflation and higher borrowing costs are thinning out financial cushions.

The personal savings rate as a share of disposable income dropped to 2.3% in October, according to data from the Commerce Department released Thursday. The report also showed that inflation-adjusted spending remained strong despite elevated, yet moderating price pressures.