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The Humble Saver Rediscovers Banks
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The savings rate in the US has averaged 5.7% of disposable income in 2010, compared to 3.1% in the prior ten years according to the Commerce Dept. Even with tiny returns of 0.80 percent on average in October 2010, deposits at banks increased by $1 trillion to 7.74 trillion since October 2007, says Market Rate Insight. Information from the Fed shows borrowing by banks decreased by 17% since July 2009, while deposits increased by 9%. Banks are doing more of their funding with core deposits.
The U.S. savings rate as the American public shifts to less spending, debt reduction, and higher savings after the economic crisis in 2008-2009.
02/05/2008
The increase in the savings rate as saving takes precedence.
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