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Personal Savings Spike

The latest economic data reveals the recession has turned the U.S. into a nation of savers. But, as Erika Miller reports, a lot of savings is needed before the nation's personal debt load becomes manageable.



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Related NBR Stories & Links

• 02-02-09: The Great Consumer Spending Cutback
• 11-25-08: "Riding Out The Storm" - Personal Debt to Cash Ratio
• 09-25-08: Will the Bailout Change Our Behavior?
• 07-03-07: Subprime Lending & Home Equity Loans are Digging Consumers Deeper into Debt
• 01-23-06: "Gersh on Washington" - An Ownership Society?

External Links/Articles*

• Bureau of Economic Analysis (BEA)
  The BEA is part of the U.S. Department of Commerce. This links to a table tracking the U.S. Personal Saving Rate from the first quarter of 2000 through the first quarter of 2009.
• Federal Reserve Bank of St. Louis
  The St. Louis Fed is part of the U.S. central banking system. This links to a list tracking the U.S. Personal Saving rate from January 1959 through May 2009.
• Federal Reserve Bank of New York (PDF Document)
  The New York Fed is part of the U.S. central banking system. This links to three charts tracking the U.S. Household Debt Burden, Household Debt Service, and Household Borrowing Rates for various time periods.
• International Monetary Fund (IMF) (PDF Document)
  The International Monetary Fund (IMF) is an international organization that promotes "monetary cooperation, exchange stability, and orderly exchange arrangements; fosters economic growth; and provides temporary financial assistance to countries to help ease balance of payments adjustment." This links to Chapter 2 of the IMF's 2009 World Economic Outlook report. The Chapter is titled "Country and Regional Perspectives" and it includes some discussion of household savings and "Vanishing Household Wealth."
• Organisation for Economic Co-Operation and Development (OECD) (PDF Document)
  The OECD is "an international organisation helping governments tackle the economic, social and governance challenges of a globalised economy." This links to a June 2004 OECD Statistics Brief titled, "Comparison of Household Savings Ratios: Euro Area/United States/Japan."

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