U.S. net savings plummet as Americans consume more than they produce, while personal savings hit the lowest level since 2008.
Sectors & Industries
September 23, 2024
Americans have experienced six consecutive quarters of negative net savings as a percentage of GDP across households, businesses, and government, signaling they are consuming more than they produce. Excess savings, once at $2.1 trillion just over two years ago, have been declining by $100 billion per month since 2022. The personal savings rate dropped to 2.9%, the lowest since 2008.
Americans now hold a record $1.14 trillion in credit card debt, with the average balance per consumer reaching $6,329, an increase of 4.8% year over year. Rising delinquencies - shown in the graph above - show financial strain, with credit card delinquencies over 90 days at a significant high, particularly among large banks.
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