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American savings are at a 10-year low, report says

Consumer spending is up
Posted: 1:33 PM, Jan 29, 2018
Updated: 2018-01-29 18:33:36Z

Americans are simply not saving as much, the Commerce Department says — a sign economic growth could slow.

Savings fell to $351.5 billion in December 2017 , and that is the lowest it has been in 10 years.

The Commerce Department said last week consumer spending has increased, however. It accelerated at a 2.5 percent seasonally adjusted rate in the October-December 2017 period.

That is the fastest acceleration in three years.

U.S. incomes rose 0.4 percent in December, the Commerce Department said .