AMERICANS SPENT MORE THAN THEY MADE IN NOVEMBER
December 28, 2006
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The personal saving rate of Americans during November was a negative $95 billion, compared with a negative $71.4 billion in October, reported the U.S. Bureau of Economic Analysis last Friday, CreditandCollectionsWorld.com reported Tuesday. Personal savings as a percentage of disposable personal income was a negative 1.0 percent in November, compared with a negative 0.7 percent in October. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods.
Americans Spent More Than They Made In November
