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Consumers Saving More Than Thought

Wednesday, August 4, 2010 - 12:52 PM
From the New York Times:
A new government report released on Tuesday showed that consumers saved 6.4 percent of their after-tax income in June, and that this savings rate had shot up as high as 8.2 percent in May 2009. Before the recession, the rate had hovered at 1 to 2 percent for many years.

It's good to see people saving more, but this isn't good for our deposit rates. With plenty of deposits, banks have less of a need too offer high rates.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,611