Released: June 26, 2009

Americans saving more, spending less

Source: Associated Press (MSNBC.com)

Households pushed their savings rate to the highest level in more than 15 years in May as a big boost in incomes from the government’s stimulus program was devoted more to bolstering nest eggs than increased spending.

The Commerce Department says consumer spending rose 0.3 percent in May, in line with expectations. But incomes jumped 1.4 percent, the biggest gain in a year and easily outpacing the 0.3 percent gain that economists expected.

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