It seems our consumer culture is starting to appreciate a nest egg – spending less and saving more.

• This May, wary Americans put more into savings then any other month since September, reflecting a cautious financial attitude after the economy’s tumble.
• This conservative financial attitude comes mostly from sluggish wage growth, which could get even worse at the end of the year when temporary census jobs expire.
• The gross domestic product takes a blow when consumer morale is low, because it is largely based on spending; meaning that saving – though wise – slows America’s economic recovery.

Facts & Figures

• In May, the personal savings rate rose +4%
• At the height of the housing boom in 2005, the personal savings rate was barely 1%